CenterPoint Properties has purchased a 65,000-square-foot distribution facility in the bustling Airport West submarket at 8788 NW 27th Street in Doral.
“South Florida’s fundamentals continue to look promising for industrial real estate thanks to intense competition for space among e-commerce, major retailers and logistics companies,” said PJ Charlton, CenterPoint’s Senior Vice President of Investments. “We’ve pursued this building for over a decade and it’s great to see long-term relationships and long-term pursuits bear fruit over time,” Charlton finished.
The building is a prototypical distribution facility with a 26-foot clear-height, 16 loading positions and two secure truck courts. Just as important to the tenant – a wholly owned subsidiary of a major flooring brand – are the facility’s showroom component and ample parking. Both of those features play well in Doral, which is home to a slew of home improvement companies. The property is 2 miles from Miami International Airport and just 13 miles from the “cargo gateway of the Americas,” PortMiami, two of the reasons Airport West continues to enjoy one of the lowest vacancy rates in South Florida.
“CenterPoint has made its bones the past decade super-serving the needs of logistics users in America’s premier port and population center markets,” CenterPoint Investment Officer Mac Lee said. “This building is very unique – it is almost impossible to find a throughput asset of this smaller size with cross-dock loading,” Lee added.
Between 2010 and 2020, the city of Doral’s population grew an astounding 65%, according to the U.S. Census Bureau.
Jose Juncadella and Sebastian Juncadella with Fairchild Partners brokered the transaction, which marks CenterPoint’s second investment in Airport West. In Q1 2020, the Company bought a 17-acre lot leased long-term to a major e-commerce retailer.