CenterPoint Grabs Another 1.1M of Industrial Space

The industrial buildings were developed in 2007 and 2008 and feature modern design characteristics.

ATLANTA—CenterPoint is still making big industrial moves across the Southeast. After acquiring a 1.1 million-square-foot industrial portfolio with rail-served properties in Savannah, GA and Suffolk, VA in February, the company just snapped up a three-building, 1.1 million-square-foot portfolio across the region. The industrial properties are located in Savannah, Charleston, SC and Mobile, AL. Frank Fallon of CBRE National Partners represented the seller, Johnson Development Associates , in the transaction. The logistically-advantaged portfolio spans 105 acres and 1.1 million square feet of class A warehouse space. All buildings are close to ports in their respective markets. This acquisition brings CenterPoint’s East Coast portfolio to 10.6 million square feet across 68 buildings. “The Johnson Development portfolio was an attractive opportunity to purchase fully-leased, class A modern logistics buildings in close proximity to ports that have had experienced, meaningful growth in recent years,” PJ Charlton , senior vice president of Investments at CenterPoint, tells GlobeSt.com. “While it remains a priority to invest in the two largest port markets in the country in Northern New Jersey and Los Angeles, the next tier of port markets such as these are important in the supply chain and offer interesting yield opportunities on highly functional assets.” The industrial buildings were developed in 2007 and 2008 and feature modern design characteristics such as 32-foot clear height, cross dock loading configurations, 50-foot x 52-foot column spacing, and additional trailer parking capabilities. All three buildings are fully leased and offer immediate access to the highway infrastructure, including Interstate 16 and Interstate 95 in Savannah, Interstate 26 in Charleston, and Interstate 10 in Mobile. “The industrial sector remains healthy across the US and CenterPoint is seeking out new investment opportunities—through both acquisition and our development platform—to grow the portfolio nationally,” Charlton says. “In the last three months alone, the company has acquired 2.5 million square feet across four separate transactions that involved a total of eight buildings on the east and west coasts.”