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CenterPoint plans $400M of Bay Area real estate purchases next year
Suburban Chicago company spent $100M in the area in the last three months, most of that on a single purchase
CenterPoint Properties isn’t planning to slow its $100 million Bay Area shopping spree anytime soon, aiming to spend that much in each of the next four quarters.
Its biggest purchase: a pair of fully leased industrial buildings totaling about 208,000 square feet at 41099 Boyce Road in Fremont, a deal that closed Dec. 21, according to the San Francisco Business Times. The Oak Brook, Illinois firm paid Moishe Mana, one of Miami’s biggest property owners, a bit more than $88 million, the outlet reported, citing people familiar with the deal. Mana sold an LA County warehouse to CenterPoint in September for $63 million.
The location is “near the top of the heap of the Bay Area’s highest rents and leasing activity,” CenterPoint’s JP Perez said in a statement. The properties also have access to Interstate 880, the Peninsula subregion of the Bay Area via the Dumbarton Bridge, and Silicon Valley to the south, Perez said.
Because the buildings cover less than 35 percent of a site that’s more than 13 acres, CenterPoint has the option of proposing an industrial project that would cover the rest of it. The company didn’t disclose further plans for the site.
CenterPoint paid almost $11 million last month for three industrial buildings, totaling about 45,000 square feet, in Hayward in the East Bay, the Business Times reported. The company is also close to completing the roughly 461,000-square-foot first phase of an industrial development within the Port of Oakland, according to its release disclosing its Boyce Road acquisition.
[San Francisco Business Times] — Matthew Niksa