CenterPoint Goes All in With East Coast Industrial

Midtown Atlanta

ATLANTA— CenterPoint Properties is betting big on the East Coast industrial . The company acquired a 1.1 million-square-foot portfolio with rail-served properties in Savannah, GA and Suffolk, VA. Cushman & Wakefield ‘s Stewart Calhoun and Casey Masters represented the sellers in the deal. McDonald Development sold the assets for an undisclosed price. The industrial acquisitions bring CenterPoint’s East Coast portfolio to 9.4 Million square feet across 65 buildings. “The acquisition of these highly-functional, modern assets is a great opportunity for CenterPoint to continue to grow our already significant presence in East Coast port markets,” PJ Charlton , senior vice president of investments at CenterPoint, tells GlobeSt.com. “These assets will complement our existing portfolio nicely and fall squarely in line with our strategy of owning logistically-advantaged properties.” All told, the portfolio spans 94.4 acres and 1.1 million square feet of class A warehouse space. Two of the industrial facilities are close to the Port of Savannah. One facility is near the Port of Virginia and next to the CenterPoint Intermodal Center – Suffolk, which is rail served by the Norfolk Southern. The portfolio includes two 32-foot clear industrial buildings targeting port and logistics users. The warehouses are four miles from the Port of Savannah and offer dual rail service, as well as fast access to Interstate 16 and Interstate 95. CenterPoint estimates tenants could make as many seven trips daily, reducing drayage costs. The buildings are 100% leased. The 32-foot clear, fully-leased, cross-dock facility in Suffolk includes a neighboring trailer storage lot and quick access to Interstate 58, Interstate 95 and Interstate 13. Because the industrial building is near the Port of Virginia, which has the strongest rail integration in North America, tenants can reduce transportation costs. “This portfolio gives the tenants the ability to transport goods throughout the East Coast in a timely and cost-efficient manner,” says Charlton, noting the acquisition aligns with the firm’s mission to buy industrial assets that enhance supply chain efficiency. “It is a very attractive opportunity to acquire fully-leased, highly-functional assets.” New industrial developers are still entering Atlanta . Read about one in my recent column.