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Wednesday, Feb 21, 2024

CenterPoint Buys Three LA-Area Industrial Assets as Part of Larger Strategy

Oak Brook, Ill.-based CenterPoint Properties has purchased a portfolio of three industrial assets in Southern California for an undisclosed sum as part of a larger buying spree.

The properties, which have a combined 215,733 square feet of space, are located at 4061 Via Oro Ave. in Long Beach, 4250 E. Greystone Drive in Ontario and 1300 Palomares Ave. in La Verne. They total more than 16 acres.

“We’re rarely able to find a portfolio that aligns with our highly disciplined strategy — we’ve built a portfolio of 275 properties and 65 million square feet, primarily one at a time,” Evan Lippow, CenterPoint’s senior vice president of investments, said in a statement. “Consisting of three Class A buildings in one of the premier markets in the country, this purchase certainly enhances the quality of our national portfolio.”
The properties in Ontario and Long Beach have less than 30% coverage, meaning excess room for trucks.

“With both port volumes and ecommerce driving so much of the industrial demand in Southern California, the attributes we seek in our investments are the ones this portfolio has in abundance,” Ashley Vanacore, CenterPoint Properties’ investment officer, said in a statement. “The La Verne and Ontario properties are in two of the hottest submarkets. The Long Beach property promises to be in high demand in any economic cycle due to its quality infill location.”

The company also recently acquired an industrial property at 2550 Orange Ave. in Signal Hill from Signal Hill Petroleum Inc. CenterPoint plans to redevelop the 9-acre property into a 100,147-square-foot warehouse with 17 dock doors and 73 trailer parking stalls.

Kidder Mathews’ Tom Holland, Justin Dornblaser and Alex Matar represented CenterPoint in the transaction.

“We’re seeing almost zero percent vacancy coupled with unprecedented rent growth and land values,” Holland said in a statement of why the area is attractive. 

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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