The 52,334-square-foot building sits on 2 acres at 2835 Columbia St.
The location is “15 miles from the ports and minutes from the 405, a crucial regional freeway that helps distributors efficiently reach some of the most affluent cities in Los Angeles and Orange counties,” Ashley Vanacore, CenterPoint Properties’ investment officer, said in a statement. “This property is a perfect addition to a portfolio stacked with strategically located port-proximate assets.”
Todd Taugner, a principal and partner at Torrance-based Klabin Co., brokered the transaction.
The warehouse is CenterPoint Properties’ third investment in the South Bay and neighboring Southeast L.A. area and its 10th overall in Southern California this year.
In June, the company acquired a facility at 2850 E. Del Amo Blvd. in Carson. The property features a roughly 264,000-square-foot building — including approximately 10,500 square feet of office space — that sits on more than 19 acres.
It has parking for 180 trailers and 47 cars.
The other recently acquired property is a 4-acre lot at 11380 Wright Road in Lynwood. It was fully leased to an ecommerce retailer in July at the time of sale.
“It’s no secret CenterPoint’s one of the most well-capitalized industrial investors in America,” Evan Lippow, CenterPoint’s senior vice president of investments, said in a statement. “We have demonstrated time and again we’re committed to building mass in the most competitive infill submarkets in the country, such as South Bay.”
The industrial market in L.A. County and especially in the South Bay has seen increased demand this year.
In the second quarter of 2021, the market saw a vacancy rate of 1.3%, below the county average of 1.9%, according to data from Chicago-based real estate services company Jones Lang LaSalle Inc.
The submarket’s asking rate of $1.07 a square foot on a triple net basis was the highest of any industrial submarket, according to JLL. The asking rate was also up 3 cents in a year.
Meanwhile, 5.1 million square feet of industrial space was either sold or leased in the South Bay during that same quarter, up from 3.4 million square feet the year before.
