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Monday, Oct 2, 2023

CenterPoint Buys Asset in Gardena

CenterPoint Properties has acquired a 10,801-square-foot building at 540 W. 132nd St. in Gardena. The property gives the investor a 6.5-acre assemblage in the highly coveted industrial submarket.

CenterPoint acquired the largest property of the cluster, 13217 S. Figueroa St., in 2018. Last month, the company secured the second of the three-property assemblage at 506 W. 132nd St.
Both properties on 132nd Street were acquired vacant. 540 W. 132nd St. is available for lease immediately.

“We’re proud to acquire CenterPoint’s 69th asset in Southern California. Specifically, this is CenterPoint’s’ 10th South Bay acquisition in the past 12 months,” Evan Lippow, CenterPoint’s senior vice president of investments in the West Region, said in a statement.

“This investment perpetuates CenterPoint’s long-term goal of acquiring strategic assemblage opportunities in the best submarkets in the country.”
The assemblage is just 15 miles from the Ports of Los Angeles and Long Beach and close to downtown.

“As a company, we’ve done extremely well with our portfolio in the South Bay submarket – it’s really our bread and butter,” Bob Andrews, CenterPoint’s senior vice president of asset management for the West Region, said in a statement. “Overall, South Bay’s vacancy is nearly nil, and the rent growth has been substantial. Long term, this assemblage will prove very valuable to CenterPoint. However, in the near term, we’re confident in the demand to lease the property in its existing condition.”

540 W. 132nd St. in Gardena.

CBRE Group Inc.’s Rob Flores and Sam Carmack and Matt Stringfellow from the Klabin Co. brokered the transaction.

Flores and Carmack will represent CenterPoint in leasing the property, which will be available in the first quarter of 2023.
CenterPoint Properties oversees 328 buildings spanning 67.2 million square feet of real estate with 428 tenants.

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