CenterPoint Pays $184 Million For Hialeah Warehouses

CenterPoint Properties Trust continued its buying spree at a Hialeah business park.

The Oakbrook, Illinois-based industrial real estate developer and manager paid $184.4 million for two warehouses and land at and near 4040 West 108th Street inside Countyline Corporate Park, according to records.

The seller is an affiliate of Florida East Coast Industries, or FECI, the Coral Gables-based parent of train service Brightline; Flagler Global Logistics, a logistics company; and Flagler, a commercial real estate company. FECI is part of Fortress Investment Group, which is owned by Japan’s SoftBank Group.

In a release, CenterPoint said the deal completes the second half of a four-building purchase of more than 1 million square feet of leased industrial space. It is the company’s third deal with Flagler Global Logistics in less than a year.

In July, CenterPoint, which is led by Bob Chapman, paid $61 million for two warehouses in Hialeah, marking one of the largest industrial deals of 2020.

In March, CenterPoint paid FECI $29.5 million for the 17.4-acre property at 3200 Northwest 67th Avenue near Miami International Airport.

 

Source:  The Real Deal