CenterPoint Properties is continuing its buying binge of South Florida industrial real estate, scooping up a Miami Gardens outdoor truck storage facility. According to broker Jonathan Salk of ZYX Capital, who represented both sides of the deal, the purchaser paid $47.5 million for the property at 17707 Northwest Miami Court.
The 12-acre outdoor storage facility is fully leased to Miami Truck Parking. The property last traded for $12.5 million in 2019, records show. The deal underscores the increasing popularity of outdoor storage real estate. The growth of e-commerce and construction activity has created a need for storage space for truck and heavy equipment storage, Salk said.
It has “become an asset class that people are hot and heavy over,” he said. “Before you could just buy land and you develop it. Now, you buy land and you can lease it to crane and machine operators, to people who need storage.” CenterPoint plans to hold the property, although it could develop in the future, according to Salk.