CenterPoint gets three-building SoCal industrial portfolio

Buys manufacturer’s facilities in Long Beach, La Verne, Ontario

Los Angeles /
Dec.December 06, 2021 12:08 PM
CenterPoint Properties CEO Bob Chapman with 4061 Via Oro Avenue in Long Beach and 4250 East Greystone Drive in Ontario (Google Maps, GI Partners)
CenterPoint Properties CEO Bob Chapman with 4061 Via Oro Avenue in Long Beach and 4250 East Greystone Drive in Ontario (Google Maps, GI Partners)

CenterPoint Properties has expanded its portfolio of industrial properties across Southern California with three new buildings.

The Oak Brook, Illinois-based firm bought properties in Long Beach, Ontario and La Verne, The buildings combine for 215,700 square feet, according to an announcement on Monday, which did not disclose terms.

All of the properties were previously owned by Crown Equipment Corporation, a forklift truck manufacturer, records show.

Crown Equipment, which did not respond to request for comment, will lease back the properties, according to CenterPoint’s announcement.

The building in Ontario is a 121,700-square-foot building at 4250 East Greystone Drive, which includes 26 loading doors and a truck court.

1300 Palomares Avenue in La Verne (Google Maps)
1300 Palomares Avenue in La Verne (Google Maps)

In L.A. County, CenterPoint purchased a 46,800-square-foot building at 1300 Palomares Avenue in La Verne, and a three-acre property at 4061 Via Oro Avenue in Long Beach.

The properties cover 16 acres altogether. Buildings only cover 30 percent of the land in the Ontario and Long Beach deals, the firm added.

CenterPoint has purchased at least 15 properties across Southern California this year. In October, the firm bought a 52,300-square-foot warehouse in Torrance — around 20 minutes from the ports of Los Angeles and Long Beach.

The deals come as the industrial real estate market continues to boom, fueled by growth in e-commerce sales, especially amid the holiday season. Industrial landlords continue to be on the hunt for properties across infill areas in Southern California.

Last week, Rexford Industrial Realty bought the largest industrial property in the Simi Valley for $46.4 million — the firm spent $126 million on acquisitions in October and November.





    Related Articles

    arrow_forward_ios
    Gelt touches down in Long Beach with apartment buy
    Gelt touches down in Long Beach with apartment buy
    Gelt touches down in Long Beach with apartment buy
    Long Beach, California (Getty)
    Long Beach explores tax-exempt bonds for “workforce housing”
    Long Beach explores tax-exempt bonds for “workforce housing”
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Kevin Staley, managing partner, Staley Point Capital; Andrew Terris, managing director, real estate, Bain Capital; and view of 12065 Pike Street (Google Maps, Bain Capital, Staley Point)
    Staley Point, Bain spring for beer bash
    Staley Point, Bain spring for beer bash
    Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
    Rexford’s latest in South Bay brings 307K sf
    Rexford’s latest in South Bay brings 307K sf
    A photo illustration of 5123 Rosemead Boulevard (Lee & Associates)
    Local investor picks up San Gabriel Valley apartment portfolio
    Local investor picks up San Gabriel Valley apartment portfolio
    11672 San Vicente Boulevard in Brentwood (Google Maps)
    Brentwood retail complex fetches $2,000 psf
    Brentwood retail complex fetches $2,000 psf
    The Mix at Harman Campus at 8500 Balboa Boulevard with Shubin Nadal Realty Investors' Bill Shubin and Lonnie Nadal (Shubin Nadal Realty Investors)
    44-acre business campus in San Fernando Valley for sale
    44-acre business campus in San Fernando Valley for sale
    arrow_forward_ios

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

    Loading...