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Warehousing

CenterPoint Pays $184M At FECI Hialeah Business Park

CenterPoint Properties CEO Bob Chapman and 4040 W 108th St, Hialeah, FL. (Google Maps, GI Partners)

CenterPoint Properties CEO Bob Chapman and 4040 W 108th St, Hialeah, FL. (Google Maps, GI Partners)

 

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.

FECI recently scored more construction financing for the third phase of Countyline Corporate Park.

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. CenterPoint’s busy 2020 also included selling 16 properties in the Midwest for $400 million.

In December, FECI sold the apartment tower next to Brightline’s West Palm Beach station for $114.8 million.

In 2019, a Preferred Freezer Services warehouse in Countyline Corporate Park secured a $48 million construction loan. That year, Duke Realty paid FECI $34.4 million for a warehouse in the park.

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