CenterPoint Pays $125M for Miami-Area Industrial Campus
Morgan Stanley sold the property after six years of ownership.
CenterPoint Properties has acquired Bridge Point Powerline Road, a 467,722-square-foot industrial campus in Pompano Beach, Fla., according to South Florida Business Journal. A Morgan Stanley fund sold the three-building complex for $124.5 million or approximately $266 per square foot.
Morgan Stanley had acquired the asset from developer Bridge Industrial in 2019 as part of a $264 million portfolio transaction, Yardi Matrix shows. The site had traded in 2017 for approximately $12.3 million.
The acquisition set the stage for the development that was financed with a $31.2 million construction loan from Webster Bank, Yardi Matrix data shows. Completed two years later, Bridge Point Powerline Road features one-story warehouses with 32-foot clear heights, as well as a combined 12 grade-level doors and 126 dock-high doors.
Located at 1971–1991 N. Powerline Road, the campus occupies a 36.7-acre site within an Opportunity Zone in the Fort Lauderdale, Fla., market. The location is near Interstate 95 and Florida’s Turnpike, providing access to both the Fort Lauderdale and Miami metropolitan areas.
Industrial sector still strong in Broward County
The sale of Bridge Point Powerline Road reflects the strength of Broward County’s industrial sector, still resilient despite a shifting capital markets environment.
However, market fundamentals showed some softening, according to a third-quarter CBRE report. Industrial vacancy rose to approximately 5.2 percent as new speculative space entered the market, while net absorption totaled roughly 43,000 square feet. Average asking rents held near $16.16 per square foot.
Construction activity remained elevated, with more than 700,000 square feet of industrial deliveries recorded during the quarter and approximately 800,000 square feet underway at the end of September.
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