CenterPoint Properties acquires 1.1m square foot portfolio on East Coast
VIRGINIA/GEORGIA — CenterPoint Properties announced the acquisition of a three-building, 1,096,793 s/f, rail-served portfolio in Savannah, Georgia and Suffolk, Virginia. Stewart Calhoun and Casey Masters of Cushman and Wakefield represented the seller, McDonald Development, in the transaction.
“We are very pleased with this acquisition as it accurately aligns with CenterPoint’s mission to acquire industrial property that enhances supply chain efficiency,” said PJ Charlton, senior vice president of investments at CenterPoint. “This portfolio gives the tenants the ability to transport goods throughout the East Coast in a timely and cost-efficient manner.”
The logistically advantaged portfolio totals 94.4 acres and 1.1 million s/f of modern, class-A warehouse space in Georgia and Virginia combined. Two of the facilities are in close proximity to the Port of Savannah and one facility is near the Port of Virginia and adjacent to CenterPoint Intermodal Center – Suffolk, which is rail served by the Norfolk Southern.In Savannah, the 32’ clear, high-quality buildings are ideal for port and logistics users as they are just four miles to the Port of Savannah and offer dual rail service, in addition to convenient access to I-16 and I-95. The convenience of the nearby port enables tenants to make as many as 5-7 trips daily, greatly reducing drayage costs. The buildings are 100% leased.
The 32’ clear, fully-leased, cross-dock facility in Suffolk also includes an adjacent trailer storage lot and convenient access to I-58, I-95 and I-13. The building’s proximity to the Port of Virginia, which has the strongest rail integration in North America, equates to lower transportation costs for tenants.
“It is a very attractive opportunity to acquire fully-leased, highly-functional assets in growing East Coast port markets and we are excited about the future of this portfolio,” said Charlton.This acquisition brings CenterPoint’s East Coast portfolio to 9.4 million s/f across 65 buildings.