CenterPoint Properties purchased a last mile distribution facility in Pompano Beach for $ 10 million, marking the company’s continued investment in South Florida’s popular industrial real estate market.
The Oak Brook, Illinois-based company purchased the property at 1405 Southwest Eighth Street, records show. The selling entity is headed by Patrick Venne and Jonathan Cox, both executives of The Federated Companies, which has offices in Miami and Boston.
The 40,428-square-foot, 4.5-acre facility has direct rail service, according to a press release from CenterPoint. The distribution warehouse covers around 20 percent of the property, allowing for extensive storage outside.
Building materials supplier Olympia Building Supplies, which is part of Gypsum Management & Supply, currently has a supply fleet on the property, according to the Olympias website.
The purchase brings CenterPoint’s South Florida portfolio to 4.5 million square feet across 17 properties, the statement said.
CenterPoint, led by Bob Chapman, purchased a Doral distribution facility in September for $ 16.65 million.
In January, he recovered two warehouses and landed in a business park in Hialeah for $ 184.4 million.
CenterPoint’s big game in the region’s industrial market comes as the industry has outperformed all other real estate and even thrived during the pandemic. As consumers changed their preference for e-commerce, this has resulted in an increase in demand for industrial facilities.
The Broward County industrial market saw the vacancy rate drop to 5.9% in the third quarter from 7.1% in the previous quarter, according to a report from Colliers. The average asking rent for warehouses rose to $ 9.68 per square foot in the third quarter, from $ 9.50 in the previous quarter.