Suburban Chicago’s CenterPoint Properties stepped even further into Southern California.
The Oak Brook industrial real estate firm bought a 91,000-square-foot warehouse on 3.7 acres at 301 East Alondra Boulevard in Gardena, California, the Chicago Business Journal reported. Terms weren’t reported.
The property is leased to Bay Cities Metal, which makes sheet metal products for wholesale distributors and do-it-yourself home centers, the outlet reported.
The acquisition extends CenterPoint’s purchases in the area, marking its 11th in the Los Angeles market as the company looks to expand its footprint on the West Coast after having success on the East Coast and Midwest.
In December, CenterPoint bought a three-property portfolio from Crown Equipment Corporation, a complex in Signal Hill, and a small former Coca-Cola Vending warehouse in Torrance.
The deals came as Los Angeles industrial rents soared to an all-time high $1.27 per square foot in the fourth quarter, and even higher at $1.37 in the South Bay, home of CenterPoint’s newest warehouse, the CBJ reported.
“CenterPoint continues to be one of the most active investors in markets with particularly high barriers for entry because we have the resources and experience to bring an immediate competitive advantage wherever we establish a footprint,” Evan Lippow, senior vice president of investments for CenterPoint, told the TRD BrandStudio in September.
The latest purchase is less than a mile from a warehouse at 268 East Gardena Boulevard in Carson that the company bought in December, and 15 miles from the Ports of Los Angeles and Long Beach, CBJ reported.
“It’s clear we greatly value this pocket of the L.A. Basin,” CenterPoint’s Ashley Vanacore told the outlet. “Tenant demand for both warehouse space and land sites continues to be really, really strong.”
[CBJ] – Sam Lounsberry
Read more
Commercial
Los Angeles
CenterPoint Properties adds 307K sf industrial plant in South Bay
Commercial
Los Angeles
CenterPoint gets three-building SoCal industrial portfolio