Link Logistics Sells Amazon-Anchored Portfolio for $170M

Countyline Business Center

CenterPoint Properties has acquired a three-building industrial portfolio anchored by Amazon and encompassing nearly 740,000 square feet in Miramar, Fla. Illinois-based Link Logistics sold the fully leased Class A warehouses for a combined $170.1 million, Broward County records show.

The portfolio includes the 550,212-square-foot Countyline Business Center on 31.3 acres at 3701 Flamingo Road as well as I-75 Distribution Center Building I encompassing 80,600 square feet at 2601 SW 145th Ave., and the adjacent Building II totaling 108,800 square feet on a combined 12.4 acres.

Countyline Business Center features a 30-foot clear height, a 195-foot truck court, dock-high doors and 558 parking spaces. Completed in 1999, all three structures are equipped with an ESFR sprinkler system. Both smaller buildings have 24-foot clear heights, truck courts between 95 and 115 feet and a total of 46 dock doors. I-75 Distribution Center is less than three miles away from Countyline Business Center and all three have easy access to Interstate 75 and are less than 23 miles from Port Everglades.

A CBRE team including Jose Lobon, Trey Barry, Tom O’Loughlin, Frank Fallon and Royce Rose represented the seller in the deal.

READ ALSO: Miami’s Mayor on the City’s Growing Tech Sector

I-75 Distribution Center – Building I

While Countyline Business Center is occupied by Amazon, the tenant roster also includes Universal Technical Institute, Turbo Air and FLG Technics, according to CommercialEdge data. As of March, the industrial vacancy rate across the Miami metro shrunk 60 basis points month-over-month dropping to 3.4 percent, the same source shows. The metro continues to outperform the national average which decreased 20 basis points to 5 percent in the same period.

In the same month, Duke Realty Corp. inked a full-building lease with FedEx Ground. The shipping company will occupy more than 500,000 square feet of space at Miami 27 Business Park in Medley, Fla.

A growing industrial footprint

The buyer is also an active investor in other markets. Recently, CenterPoint Properties snapped up a two-building industrial complex totaling 360,000 square feet in Hutto, Texas. In February, the company purchased a 108,616-square-foot building in Ontario, Calif., growing its Southern California industrial footprint to roughly 7.7 million square feet. Based on CommercialEdge data, nationally, the industrial sales volume in the first quarter amounted to slightly over $14.8 billion.