CenterPoint pays $108M for FedEx distribution center in Medley
Charlotte, North Carolina-based Levine Properties sold a FedEx distribution center in Medley to CenterPoint Properties for $108 million.
CenterPoint bought the Class A distribution warehouse at 10400 Northwest 122nd Street on Wednesday, a CBRE spokesperson told The Real Deal. FedEx has a longterm lease for the 306,703-square-foot facility, which sits on 32 acres in northwest Miami-Dade.
CBRE’s Christian Lee, Chris Riley and Jose Lobon of the brokerage’s capital markets team represented the seller. Lobon said the cross-dock, built-to-suit facility processes about 100,000 packages a day.
The deal marks the first for CenterPoint in South Florida’s industrial market, senior vice president of investments PJ Charlton said in a press release. The company, based in Oak Brook, Illinois, has more than 56.6 million square feet and 3,360 acres of industrial space under development in North America. Over the past year, CenterPoint added 5.3 million square feet and spent more than $400 million on its East Coast portfolio.
Records show Levine‘s Medley BTS LLC paid $25.5 million for the property in 2008 and completed the warehouse the same year. The family owned company is now focusing on its investments in Charlotte.
From the Medley facility, FedEx can reach 70 percent of South Florida’s population within an hour, according to the release. Last month, PriceSmart, a publicly traded warehouse chain and operator of membership warehouse clubs, paid $45.56 million for the site of its new Medley facility at 11255 Northwest 106th Street. And last April, Clarion Partners paid $18.5 million for a new warehouse also in Medley, at 11500 Northwest 123rd Street.
Lobon said the Medley submarket is booming, despite the amount of new construction. The city has the lowest industrial rate in Miami-Dade at 2.5 percent, he said. “We added 4 million square feet in Medley over the last five years, and have absorbed 5 million square feet,” Lobon told TRD.
Source: The Real Deal