CenterPoint Properties buys vacant warehouse near Gardena for $21M

The seller was Goodrich Kest of Culver City

Los Angeles /
Jul.July 09, 2018 11:13 AM
CalPERS executive Bob Chapman and the property

CenterPoint Properties, an Illinois-based industrial real estate firm, has purchased an industrial warehouse in the Harbor Gateway region, located near the South Bay, for $21 million.

The company purchased the property through the California Public Employees’ Retirement System (CalPERS), property records show.

Goldrich Kest was the seller. The Culver City-based real estate firm purchased the industrial site for $7.4 million in 2004, deed records show.

Located at 13217 S. Figueroa Street, the 126,000-square-foot property is currently vacant.

Robert Flores and John Privett of CBRE brokered the deal.

CenterPoint Properties, led by Bob Chapman, focuses on acquiring and managing industrial properties around the nation. It’s currently evaluating refurbishing the site, built in 1974, as well as adding a two-story office component, CBRE announced Monday.

Interest in Southern California’s industrial market remains strong, as demand from investors and pension funds continues to grow despite tight supply.

According to a report from brokerage JLL, published in May, sale prices for industrial properties spanning over 10,000 square feet rose more than 17 percent year-over-year to an average of $157 per square foot.

In November, CalPERS announced it would be allocating $350 million to its Canyon Catalyst Fund managed by Canyon Partners Real Estate firm, bringing its financial commitment up to $1 billion. Canyon Catalyst Fund, which launched in 2012, invests in office, retail, industrial, multifamily and mixed-use projects across Southern California.


Related Articles

arrow_forward_ios
City crafts economic development zones in South LA, North Hollywood
City crafts economic development zones in South LA, North Hollywood
City crafts economic development zones in South LA, North Hollywood
LA wants to buy 128 apartments through Project Homekey
LA wants to buy 128 apartments through Project Homekey
LA wants to buy 128 apartments through Project Homekey
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
Rexford buys into gap left by Mitsuwa’s move to South Bay mall
CIM continues South LA push
CIM continues South LA push
CIM continues South LA push
Slauson Ave & Wall St with Danny Bakewell Sr of The Bakewell Company (Bakewell, Google Maps)
LA names developer for sprawling mixed-use project in South LA
LA names developer for sprawling mixed-use project in South LA
Sares-Regis Group CEO Rob Wagner and Huntington Gateway
Sares Regis inks tenant for 434K sf unfinished Orange County site
Sares Regis inks tenant for 434K sf unfinished Orange County site
(Facebook via Baldwin Hills Crenshaw)
Harridge buys Baldwin Hills Crenshaw Plaza; eyes $1B overhaul
Harridge buys Baldwin Hills Crenshaw Plaza; eyes $1B overhaul
Rendering of 4242 Crenshaw Boulevard (4242 Crenshaw)
Greenpointe nabs $30M construction loan for South LA apartment project
Greenpointe nabs $30M construction loan for South LA apartment project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...