CenterPoint Buys Amazon-Leased Warehouse in Miramar for $170M

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CenterPoint Properties paid $170.1 million for an Amazon-leased industrial complex in Miramar, Fla., property records show. 

Completed in 2000, the park, which sits on 44 acres, includes three buildings totaling over 700,000 square feet. 

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The largest building — at 3701 Flamingo Road between Miramar Parkway and Ronald Reagan Turnpike — is leased to Amazon and spans 500,000 square feet. The two other properties are situated three miles away at 2601 and 2701 SW 145th Avenue.

In all, the complex is fully leased to six tenants, according to the Illinois-based buyer. 

“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,” P.J. Charlton, CenterPoint’s senior vice president of investments, said in a statement. 

The trade marks an almost $100 million return for the seller, Blackstone-affiliate Revantage. It bought the two smallest warehouses for a combined $12.6 million in 2003 and the largest property for $59.5 million in 2015, per records.

CBRE’s Jose Lobon, Trey Barry, Frank Fallon and Royce Rose represented the seller. A representative for the seller did not immediately respond to a request for comment.

CenterPoint has snapped up industrial properties across South Florida over the past two years as e-commerce skyrocketed in popularity during the pandemic. Last year, it acquired an industrial complex in Hialeah for $184 million and earlier this year dropped $48 million for a last-mile parking lot near Miami. 

Other real estate players are zeroing in on South Florida’s industrial market as well.

Another Blackstone affiliate, Link Logistics, proposed building a complex that would cost an estimated $700 million in Miami Gardens last month. Only three miles away, Bridge Industrial is building an additional two warehouses at Bridge Point Commerce Center, after scoring a $153 million construction loan. 

Julia Echikson can be reached at jechikson@commercialobserver.com.