CenterPoint Acquires Last-Mile Portfolio in Long Beach and Houston
Posted By Staff Writers On October 15, 2020 @ 1:36 pm
OAK BROOK, IL – CenterPoint Properties is excited to announce the acquisition of a portfolio of five last-mile sites in the South Bay submarket of Long Beach, CA, and one in Houston, TX.
In Long Beach, CenterPoint takes possession of nearly 12 acres with 65,109 SF of warehouse and office improvements. The project is located along Paramount Blvd. off of the CA-91, a corridor with a precedent for outdoor storage. The facilities are 14 miles from the Ports of Los Angeles and Long Beach, 20 miles from LAX, and have immediate proximity to the Long Beach Airport.
The five properties’ rectilinear configuration presents an assemblage opportunity in a submarket where property values are steadily rising thanks to a limited industrial development pipeline.
“Our commitment to low-coverage property in a hyper infill environment is unwavering and embodied in this off-market portfolio sale,” said Greg Pearson, CenterPoint Vice President of Investments.
The acquisition also includes a 10.5-acre pipe yard in Houston. The yard incorporates a 10-year leaseback, in addition to a nine-year lease extension on an existing CenterPoint building across the street at 8900 Railwood Drive. The properties are just 5 miles from the I-610 East Loop and 8 miles from the Port of Houston. CenterPoint now owns 38 assets in the Houston market.
“We have strong momentum going into the fourth quarter. CenterPoint has closed on $1.3 billion in acquisitions over the past 15 months and $595 million just since March 2020,” said Ryan Dunlap, CenterPoint Senior Vice President of Investments.
The seller was a CenterPoint tenant, Ta Chen International.
Rob Flores of CBRE will offer the half-acre property at 3117 E. South Street in Long Beach for lease.
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About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.