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.