CenterPoint expands portfolio by 1.1m square feet

The industrial real estate development and management firm acquired warehousing space in Savannah, Ga. and Suffolk, Va., bringing its total U.S. East Coast portfolio to 9.4 million square feet.    Industrial real estate development and management firm CenterPoint Properties acquired a three-building rail-served portfolio from McDonald Development in Savannah, Ga. and Suffolk, Va., which provide a combined 1.1 million square feet of Class-A warehousing space, the company said.
   Two of the facilities are located just four miles from the Port of Savannah and offer dual rail service, while the additional facility is situated near the Port of Virginia adjacent to the CenterPoint Intermodal Center-Suffolk, which is served by Norfolk, Va. based railway Norfolk Southern. All three of the facilities are all fully leased.
   “This portfolio gives the tenants the ability to transport goods throughout the East Coast in a timely and cost-efficient manner,” CenterPoint Senior Vice President of Investments PJ Charlton said.
   Overall, the acquisition increases CenterPoint’s U.S. East Coast portfolio to a total of 9.4 million square feet.