CenterPoint scoops up Torrance warehouse

52,334-square-foot warehouse is about 20 minutes from ports of LA, Long Beach

Los Angeles /
Oct.October 18, 2021 10:50 AM
CenterPoint Properties Senior Vice President, Regional Manager Bob Andrews and the warehouse (CenterPoint, LoopNet)
CenterPoint Properties Senior Vice President, Regional Manager Bob Andrews and the warehouse (CenterPoint, LoopNet)

CenterPoint Properties has purchased a Torrance warehouse on two acres for an undisclosed sum.

It’s the Oakbrook, Illinois-based firm’s third acquisition in southern Los Angeles County and 10th in Southern California this year, according to the L.A. Business Journal.

Klabin Co.’s Todd Taugner brokered the deal.

Last month, Centerpoint paid Moishe Mana $63 million for a 173,000-square-foot warehouse in Pico Rivera in the San Gabriel Valley. The deal worked out to $363 per square foot.

CenterPoint’s newest asset in Torrance meanwhile is 52,334 square feet at 2835 Columbia Street, about 12 miles or 25 minutes from the ports of L.A. and Long Beach. It’s next door to another CenterPoint-owned warehouse.

Proximity to the ports is the property’s biggest selling point, as demand for warehousing near the twin facilities is at record levels. CenterPoint also leased a nearby 93,000-square-foot warehouse to marketing and fulfillment company Regan Group.

Demand has surged for industrial properties in the wake of the pandemic as more people bought products online.

The vacancy rate in the industrial sector in L.A. fell to just 1.4 percent in the third quarter. Tenants are scrambling to find space, in turn driving up rents and sale prices.

The average sale price for industrial property in L.A. rose from $226 per square foot in the second quarter to $249 per square foot in the third quarter.

Prologis CFO Tom Olinger said in a recent earnings call that space in the company’s markets “is effectively sold out,” while CEO Hamid Moghadam said tenants were “almost in a panic mode when it comes to committing to real estate.”

Some developers are getting a boost with deals to pre-lease properties still under construction. Duke Realty recently pre-leased a 200,000-square-foot warehouse in the Inland Empire to an e-commerce company based out of China.

[LABJ] — Dennis Lynch 





    Related Articles

    arrow_forward_ios
    John R. Saunders of Saunders Property and the Skyline Mobile Home Park at 2550 Pacific Coast Highway (Saunders, Google Maps)
    Torrance rejects rent control ordinance for mobile homes
    Torrance rejects rent control ordinance for mobile homes
    (Illustration by The Real Deal with Getty)
    Home listing scam sends Torrance man to prison for nine years
    Home listing scam sends Torrance man to prison for nine years
    Torrance mayor George Chen and an aerial of Torrance, CA (Google Maps, TorrenceCA.gov, Getty)
    Torrance housing plan squeaks under state deadline
    Torrance housing plan squeaks under state deadline
    (Illustration by The Real Deal with Getty)
    Industrial vacancy in Inland Empire loosens to 1.5%
    Industrial vacancy in Inland Empire loosens to 1.5%
    GLP Capital Partners' Alan Yang with 458-486 E. Lambert Road
    GLP pays $156M for Fullerton warehouse in OC’s top industrial deal this year
    GLP pays $156M for Fullerton warehouse in OC’s top industrial deal this year
    From left: 601-615 West Walnut Street and 921 Artesia Boulevard (Loopnet, Getty)
    Great Central Transport leases two warehouses in Compton
    Great Central Transport leases two warehouses in Compton
    Target's Brian Cornell, CT Realty's James Watson and Carter Ewing with 6186 Crusher Drive (Target, National Multiple Sclerosis Society, San Joaquin Partnership, Google Maps)
    Target adds 1.2M sf to Inland Empire footprint
    Target adds 1.2M sf to Inland Empire footprint
    Rexford’s Howard Schwimmer and Michael Frankel and 920 East Pacific Coast Highway in Wilmington (Rexford Industrial, Loopnet, Getty)
    Rexford reaches $2B in acquisitions for the year
    Rexford reaches $2B in acquisitions for the year
    arrow_forward_ios

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

    Loading...