CenterPoint Adds Last-Mile Facility in Fifth East Bay Area Acquisition in Past Year
Posted By Staff Writers On September 23, 2020 @ 6:10 pm
OAK BROOK, IL. – CenterPoint Properties is proud to announce it has acquired a last-mile facility at 2995 Atlas Road in Richmond, CA. The acquisition of this high-throughput cross-dock facility brings CenterPoint’s northern California portfolio to 19 properties and 3.87 million SF.
The 707,820 SF building is ideal for last-mile distribution with a 32’ clear-height, 151 dock-high doors, 15 drive-in doors and 157 trailer parking stalls. With a building depth of 475’ and a truck court depth ranging from 130’ to 180’, the site is configured to maximize the flow of goods. The combination of dock positions, parking and coverage makes this facility a notable addition to CenterPoint’s West Coast portfolio.
“The value proposition is about maintaining a bulk format in an infill environment,” said Greg Pearson, CenterPoint Vice President of Investments. “The inventory of undeveloped land in the I-880 Corridor cannot support future competition, which should create long-term pricing power and outsized appreciation,” finished Pearson.
CenterPoint’s latest acquisition is less than 20 miles from the Port of Oakland and less than 5 miles from I-80. It’s also proximate to the I-880 Corridor, one of the premier industrial locations in the U.S with a vacancy rate of less than 2%. CenterPoint has two active developments in the East Bay.
“The product is thematically aligned with our overarching strategy: purchase and develop throughput-focused assets in the best urban settings,” said Ryan Dunlap, Senior Vice President of Investments at CenterPoint.
The project was sold by the Cushman & Wakefield Norcal Capital Markets team led by Steve Hermann in partnership with Brooks Pedder, Tony Binswanger and John McManus as local market experts. The seller was LDK Ventures.
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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.