OAK BROOK, IL – CenterPoint Properties is pleased to announce its recent acquisition of a Class-A distribution facility for a national Fortune 500 company at 10400 NW 122nd Street in Medley, FL. Christian Lee, Chris Riley and Jose Lobon of CBRE Capital Markets represented the seller and developer of the property- Levine Properties of Charlotte, N.C.
“This is an important transaction for CenterPoint as this is our first investment in the dynamic and growing industrial market of South Florida,” said PJ Charlton, Senior Vice President of Investments at CenterPoint. “This modern Class-A facility is located on a large land parcel in the heart of Miami-Dade County and is an excellent addition to our national portfolio. Over the last year, CenterPoint has grown its East Coast portfolio by 5.3 million SF investing over $400 million.”
The state-of the art distribution center is fully leased on a long-term basis to one of the largest delivery companies in North America. Situated on 32 acres, the 306,703 SF cross-load facility is strategically located in the Medley submarket of Miami-Dade County and benefits from convenient access to the Port of Miami, Miami International Airport, and the major roadway infrastructure in the area including the Florida Turnpike, Okeechobee Road, I-75, SR-826 and I-95. Facility features include 30’ clear height, 70 dock-high doors, ample trailer parking, and excess land for future development.
“Being in the heart of Miami-Dade County with access to many different transportation routes, the tenant is able to reach approximately 70 percent of South Florida’s population within one hour,” added Charlton. “This a very strategic e-commerce asset in the high barrier-to-entry Miami market and we are excited to have worked with Levine Properties and CBRE on this transaction.”
“It was a difficult decision to sell one of the best industrial assets in Miami but since our strategy now calls for concentrating investments in our hometown of Charlotte, NC, the timing is right,” said Daniel Levine, CEO of Levine Properties.