ADP Express inks 85K sf lease in Rancho Dominguez

The Texas-based shipping firm signed the deal with CenterPoint Properties

TRD LOS ANGELES /
Aug.August 01, 2018 11:00 AM
CenterPoint Properties Trust CEO Bob Chapman

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.


Related Articles

arrow_forward_ios
The project site (Credit: Google Maps)

New venture Staley Point Capital plans self-storage facility in LA Opportunity Zone

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

arrow_forward_ios
Loading...