CenterPoint Acquires Second Orange County Building over 200,000 SF This Year
Posted By Staff Writers On October 22, 2019 @ 1:49 pm
OAK BROOK, IL – CenterPoint Properties is proud to announce the acquisition of a 202,522-square-foot property situated on 10.05 acres at 3201 South Susan Street in Santa Ana, California. The transaction includes a lease-back with The Dixie Group, a carpet and flooring manufacturer. This is CenterPoint’s second acquisition over 200,000 square feet in Orange County this year.
“It is rare to acquire a 200,000-square-foot cross dock in the infill, let alone in Orange County,” said Ryan Dunlap, CenterPoint Senior Vice President of Investments.
The building presents a unique opportunity in the Santa Ana micro-market, as current inventory is scarce. In fact, the submarket inventory has shrunk 9 percent over the past 10 years. There are several “up-zoning” efforts underway in the immediate area.
“This transaction exemplifies our unwavering appetite for assets with excess loading,” said Greg Pearson, CenterPoint Vice President of Investments. “Truck courts at this scale are becoming intrinsically valuable in this land pricing environment,” said Pearson. The truck courts are 195 feet deep.
Additional property features include 24-foot clear height, drive around access and several points of entry. The asset has immediate proximity to Orange County’s John Wayne Airport and is only 18 miles south of the Los Angeles/Long Beach port complex.
The seller was represented by Adam English, Adam Baxter and Jonathan Wolfe of STREAM Capital Partners. Adam English was the lead broker.
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.