The latest sign of a scorching hot industrial market: CenterPoint Properties is now picking up properties three buildings at a time.
The industrial investor, based in the Chicago suburb of Oakbrook, Illinois, recently paid $114 million for a three-building logistics facility in Santa Ana, according to the Orange County Business Journal. The price comes to about $130 per square foot. The properties are located at 2701, 2711 and 2721 South Harbor Boulevard.
The transaction was brokered by Rob Socci of Voit Real Estate Services and John Griffin of Cushman & Wakefield.
The logistics facility sits on 20 acres and spans 400,000 square feet, featuring 650 spaces for parking. It is almost fully leased; Liquid Graphics and Robinson Pharma are the two largest tenants, according to the Business Journal.
CenterPoint is a major player in the industrial real estate market of Orange County. The company already owns the former Albertsons grocery distribution building in Irvine and the former J.C. Penney facility in Buena Park.
A few weeks ago, CenterPoint purchased a two-acre warehouse in Torrance for an undisclosed price. The building encompasses more than 52,000 square feet and is situated 12 miles from the ports of Los Angeles and Long Beach.
Last month, CenterPoint acquired a 173,000-square-foot warehouse in Pico Rivera from Moishe Mana for $63 million in a deal that expanded the company’s 52-property industrial portfolio in Los Angeles County and the Inland Empire.
It’s a hot time for industrial real estate in Orange County. The average rent for industrial real estate in Los Angeles rose to $1.14 per square foot in the third quarter, a 3.6 percent rise from the second quarter. Meanwhile, the vacancy rate dropped from 1.7 percent to 1.4 percent in the third quarter.
[OCBJ] — Holden Walter-Warner