CenterPoint Properties stays true to its “ports, population, and parking” investment thesis in South Florida, acquiring a nearly 12-acre parking lot at 17707 NW Miami Ct in Miami Gardens, FL.
The Class A lot was built in 2020 and can accommodate 360 trailers and containers. CenterPoint’s Senior Vice President of Investments PJ Charlton said competition is fierce among e-commerce companies and distributors for a parking facility with that capacity. “We’ve never seen a leasing environment like this in industrial real estate, especially for parking sites in infill markets like Miami, where land rents have grown 50 percent or more in the past year or so,” said Charlton. “We’re happy to add this best-in-class trophy facility to a formidable parking-rich portfolio that port and e-commerce users have never needed more,” Charlton finished. The Miami Court lot is less than a mile from I-95, the region’s main north-south artery. It sits in an advantageous spot in north Miami-Dade County for last-mile uses, as it’s also just 7 miles from Miami International Airport and only about 15 miles from PortMiami, Port Everglades and Downtown Miami.
Jonathan Salk of ZYX Capital, based in Miami Beach, FL, brokered the transaction. In Q4 2021, CenterPoint invested in a nearly 4-acre parking site in Medley, which capped a two-year stretch in which the company invested $350 million – about half of the entire tally since the company expanded to South Florida in 2016.
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