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CenterPoint gets three-building SoCal industrial portfolio
Buys manufacturer’s facilities in Long Beach, La Verne, Ontario
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)
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.