Industrial property management company, CenterPoint Properties, has acquired a 961,000-square foot facility located at 3300 NW 123rd Street in Miami, Fla. Erik Lundberg and Jeff Hughes of Stan Johnson Co. represented the seller.
"This is CenterPoint's second large investment in the dynamic and growing Miami market in the last six months," PJ Charlton, senior vice president of investments at CenterPoint, said in a statement. "We are excited to acquire a highly functional building on a large land site in one of the best markets in the country. The real estate opportunity was very unique and the basis was compelling and well below replacement cost."
The facility is within two miles of interstates 826, 924, 75 and 95, has access to six million people in South Florida, and is strategically located four miles from the FEC Intermodal, five miles from the Miami International Airport, eight miles from the Port of Miami, and 22 miles from Port Everglades. Property features include 216,000 square feet of cooler and freezer space, 92 dock high doors, 268 trailer parking positions, above standard car parking ratios, and a secured truck court.
"This asset is located in the heart of South Florida and is consistent with our strategy to acquire buildings with extra parking near major ports and population centers. It is very difficult to find large sites in the top five markets in the country," added Charlton in the statement. "In the last three years, CenterPoint has invested over $1.75 billion in acquisitions and development across the US, and we will continue to seek out additional opportunities in our target markets."