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CenterPoint Properties Picks Up Pair Of New Warehouses For $61 Million

Florida East Coast Industries (FECI) sold a pair of new warehouses at Countyline Corporate Park in Hialeah for a combined $61 million. The buyer was Oak Brook, Illinois-based CenterPoint Properties, which has acquired 10 industrial properties in South Florida since 2017.

Countyline Building 6 LLC and Countyline Building 7 LLC, both affiliates of Miami-based FECI and its Flagler Global Logistics division, sold 412,132 square feet of warehouses at 3880 and 3980 S. 104th St.

The buyer was Centerpoint Centerline LLC, part of CenterPoint Properties. They were recently completed on the 19.9-acre site just south of the Broward County line.

Both buildings have 32-foot clear height. They are fully leased, providing a stable cash flow for the buyer.

“CenterPoint is committed to strengthening our profile in high-demand markets like South Florida,” said David Nenner, senior VP of asset management at CenterPoint. “We’ll continue to identify and capitalize on investment opportunities that have great long-term growth potential, and we are excited to acquire buildings from an experienced, professional developer in Flagler Global Logistics.”

CenterPoint has acquired over $1.5 billion in industrial properties across the country over the past 12 months.


Source:  SFBJ