CenterPoint pays Moishe Mana $63M for warehouse

Mana, one of Miami’s largest property owners, sold Pico Rivera property in leaseback deal

Los Angeles /
Sep.September 27, 2021 01:00 PM
CenterPoint Properties CEO Bob Chapman, Developer Moishe Mana and the property (CenterPoint, Getty, Daum Commercial)
CenterPoint Properties CEO Bob Chapman, Developer Moishe Mana and the property (CenterPoint, Getty, Daum Commercial)

UPDATED, Sept. 28, 2021, 7:47 a.m.: CenterPoint Properties acquired a 173,000- square-foot warehouse in Pico Rivera from Moishe Mana, one of Miami’s largest private property owners.

The leaseback deal adds to CenterPoint’s nearly 7 million-square-foot industrial portfolio across the Los Angeles region.

The Chicago-based firm paid $63 million for the complex at 8500 Mercury Lane, said Daum Commercial, which brokered the deal.

Terms of the lease were not disclosed.

The property had been leased to Mana’s GRM Document Management, a document storage firm, records show.

In a statement sent after publication, Mana said the firm is “focused on our development plans in Miami because we believe in that city’s future as the trade hub of the Western Hemisphere. We are liquidating various assets around the world in order to redeploy capital for that purpose.”

The sale is one of the priciest industrial deals in Los Angeles County in recent months. Staley Point Capital and Bain Capital Real Estate paid $38.5 million this month for a 132,000-square-foot warehouse in Commerce — around $291 a foot, compared to CenterPoint’s $363 a foot.

CenterPoint owns 52 industrial properties across L.A. County and the Inland Empire, according to its website. In Pico Rivera, it also owns a 40,000-square-foot warehouse at 4739 Durfee Avenue, which it purchased for $16.4 million in December.

This story has been updated to include comments from Moishe Mana.





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