CenterPoint Buys Last-Mile Parking Lot Near Miami for $48M

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CenterPoint Properties dropped $47.5 million for a “luxury” truck parking lot in Miami Gardens, Fla., property records show. 

The 12-acre property, located at 17707 NW Miami Court, sits right along I-95, South Florida’s main north-south artery. The lot, which will facilitate last-mile deliveries, accommodates up to 360 container trucks.

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Drake Real Estate Partners and Relentless Capital bought the vacant site for $12.5 million in 2019 and, by the next year, had redeveloped it into a truck parking lot. Last November, the joint venture nabbed a $19.5 million debt package to refinance the net-leased lot, Commercial Observer previously reported.

The property boasts showers and on-site repair shops along with 24-hour access, which truck drivers consider “luxury amenities,” Evan Seiden, CEO of Relentless, a Miami-based operator of truck parking facilities, told CO at the time.

With the land trading for $3.9 million per acre, Seiden said the deal was an industrial record for Florida. 

Illinois-based CenterPoint, which specializes in industrial real estate, does not plan to redevelop the property. The purchase is part of the company’s so-called “ports, population and parking” investment strategy to target ports and parking lots near well-populated areas, the firm said in a statement. 

Jonathan Salk of ZYX Capital brokered the transaction. Representatives for Drake Real Estate Partners did not immediately respond to a request for comment.

Industrial properties, especially those near cities, have become hot commodities as online shopping surged during the pandemic. Just 6 miles from the CenterPoint’s new parking lot, Blackstone filed plans to build a $700 million industrial complex earlier this week, while in the process of buying the 116-acre parcel for $291 million.

Julia Echikson can be reached at jechikson@commercialobserver.com