CenterPoint Properties has acquired a three-building core portfolio in a high-image pocket of Broward County. The facilities at 3701 Flamingo Road and 2601 and 2701 SW 145th Avenue in Miramar, FL, total nearly 700,000 square feet of Class A warehouse space on almost 44 acres of land.
The three buildings are fully leased to six tenants. The 31-acre Flamingo Road property consists of a 500,000-square-foot building offering dock-high loading, 558 car stalls, an ESFR sprinkler system and a 30-foot clear height. The two smaller buildings 3 miles away at 2601 and 2701 SW 145th Avenue have 24-foot clear heights, ESFR systems, and 46 dock doors in total.
The portfolio is minutes from I-75 and 15 miles from Port Everglades, adding to its allure to users and investors.
“High-quality infill facilities like these are extremely tough to find in South Florida. We are seeing rental rate growth that is unprecedented and seems poised to continue, given the high barriers to entry and lack of industrial land,” said PJ Charlton, CenterPoint’s senior vice president of investments. “Coupled with South Florida’s growing and diverse population and robust economy, these factors are a few reasons we concentrate a significant portion of our East Coast investment efforts here,” Charlton finished.
South Florida industrial rents continue to climb as e-commerce retailers and the universe of companies that cater to them compete for a limited amount of space. Analysts report that Broward County had its strongest leasing year in ‘21, with rents growing about 10 percent and warehouse and distribution vacancy rates falling to historic lows.
Jose Lobon, Trey Barry, Frank Fallon and Royce Rose of CBRE’s National Partners represented the seller. Tom O’Loughlin with CBRE Industrial Leasing assisted the Capital Markets team with the transaction.
This is the second portfolio investment in South Florida in recent years for a company that has primarily amassed 66.7 million square feet of space nationwide, one building at a time. In early 2021, CenterPoint completed a four-building portfolio acquisition in the prime Countyline Corporate Park in Hialeah, FL.