A freight shipping and truck company leased an 85,000-square-foot warehouse property in Rancho Dominguez, amid a continuing strong Los Angeles industrial market.
Katy, Texas-based ADP Express signed the five-year deal at 2988 East Ana Street with CenterPoint Properties Trust, an industrial investor based in Chicago.
The single-story property was built in 1969 and includes eight loading docks and nine drive-in bays. The site spans 6.5 acres with rooms for modern trucks to operate. The price per square foot for the lease was not disclosed.
Larem, a Carson-based industrial brokerage, advised on the deal. Ed Whittemore represented ADP Express and Jay Jasaitis represented CenterPoint.
CenterPoint is part of CalEast Global Logistics, an investment vehicle owned largely by California Public Employees’ Retirement System.
Centerpoint purchased the Rancho Dominguez property in April for $22.2 million from a Newport Beach LLC. Last month, CenterPoint also paid $21 million for a warehouse in Harbor Gateway.
Industrial real estate is hot around the country, but it’s especially strong in the L.A. area. Warehouse space is in such demand that older properties are getting sold for and renting at price levels near that of newer, more modern facilities. That comes as investors look to secure real estate and tenants battle for space.