A four-building industrial real estate portfolio in Compton sold for $197 million to CenterPoint Properties, an Illinois-based real estate company. The recently acquired property, which is located near the Port of Long Beach and the Port of Los Angeles, expands CenterPoint’s asset portfolio in the South Bay.
The four facilities are located at 1111 W. Artesia Blvd., 711 W. Walnut St., 1620 S. Wilmington Ave. and 425 Carob St. The properties span 546,866 square feet and feature 113 dock-high loading positions, 12 ground-level loading doors, numerous parking spaces and secure yards.
Dallas-based real estate services and investment firm CBRE Group Inc. brokered the transaction.
“The portfolio is located in one of the strongest industrial markets in the country, less than 13 miles from the ports of Los Angeles and Long Beach and with direct access to routes servicing the West Coast,” Michael Longo, a senior vice president at CBRE, said in a statement. “South Bay is supply constrained with little vacancy, and this asset represents a truly unique investment opportunity in an exceptionally strong rent-growth market known for quality tenants and high retention.”
CBRE was based in Los Angeles for more than 30 years and relocated its headquarters to Dallas in 2020. CBRE continues to operate eight offices in the Los Angeles area, including locations in Glendale and South Bay, while CenterPoint has one local office in downtown.
“The South Bay submarket has an established track record of low vacancy, high rental growth and high barriers to entry for new development,” Bob Andrews, senior vice president of asset management for CenterPoint’s West region, said in a statement of the South Bay acquisition. “Our model allows us to identify assets that have the potential to be accretive for our portfolio on a long-term basis, and this portfolio aligns perfectly with that strategy,”
The acquisition adds to CenterPoint’s existing portfolio of South Bay properties, increasing it to 30 total assets and two active development projects. In addition to this recent acquisition, CenterPoint said that it would finish construction in April on a 113,400-square-foot facility in Carson at 16627 Avalon Blvd.
“It’s rare to have the opportunity to acquire this type of scale in the South Bay,” Evan Lippow, senior vice president of investments for CenterPoint’s West region, said in a statement. “These four assets are synergistic with our existing portfolio and align with the CenterPoint investment strategy of accumulating scale in the premier infill logistics markets in the country.”
