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CenterPoint Spotlight Series: East Region Team
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The portfolio acquisition increases the CenterPoint South Bay portfolio to 30 total assets, and two active development projects. The firm’s regional leaders say they are committed to investing more capital in the submarket.
“It’s rare to have the opportunity to acquire this type of scale in the South Bay,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments in the West Region. “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,” he added.
The four facilities in Compton, CA, at 1111 W. Artesia Blvd., 711 W. Walnut St., 1620 S. Wilmington Ave., and 425 Carob St., total 546,866 square feet and feature 113 dock-high loading positions, 12 ground-level loading doors, ample auto and trailer parking spaces and secure yards.
“The South Bay submarket has an established track record of low vacancy, high rental growth and high barriers to entry for new development,” said Bob Andrews, CenterPoint’s Senior Vice President of Asset Management in the West Region. “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 supports that strategy,” Andrews finished.
CBRE National Partners’ Darla Longo, Michael Longo, Joe Cesta, Eric Cox, and Barbara Perrier 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,” said Mr. Longo. “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.”
CenterPoint’s recent South Bay activity isn’t limited to acquisitions. In April, the firm will finish building a 113,400-square-foot facility at 16627 Avalon Blvd. in Carson, CA. The JLL team of Zac Sakowski, Danny Reaume and Rustin Mork lead CenterPoint’s leasing efforts.
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