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It’s the company’s sixth purchase in the South Bay submarket and 13th Southern California acquisition in 2021.
The 307,222-square-foot, 17-acre Gardena property is 15 miles from the Port of Long Beach and minutes from the 91, 110, 405, 710 and 105 freeways.
“The combination of a highly strategic location with this asset’s scale and configuration makes this a very valuable addition to our infill portfolio,” said CenterPoint’s Investment Officer Ashley Vanacore. “This asset’s long-term optionality is highly aligned with our port-proximate infill strategy, particularly in a submarket like the South Bay,” she added.
The 268 E. Gardena site features include a 30-foot clear warehouse, 19 loading doors with the ability to add more in the future, a fully fenced concrete truck court with drive-around capability and above-market parking for 374 cars.
South Bay is among a select number of industrial submarkets atop the wish lists of retailers and logistics companies seeking space in America’s most advantageous locations. Rent growth has grown by double digits annually for five years running, and vacancy rates are at an all-time low, well under one percent.
“CenterPoint has now invested in excess of $750 million in 2021 just in the Southern California region alone, with transactions ranging from $5 million to $150 million,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “Our commitment to the region remains steadfast, and we look forward to increasing our investment volume in the area in 2022.”
CBRE National Partners‘ Joe Cesta, Darla Longo and Barbara Perrier brokered the sale-leaseback transaction
Recently, the company closed on the Class A property at 19875-19899 Pacific Gateway Drive – available for lease – and added a warehouse in Long Beach as part of a three-building portfolio trade. In October, CenterPoint bought a Torrance distribution facility. Over the summer, it bought a trophy asset in Carson and a low-coverage property in Lynwood.
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, follow us on LinkedIn. For all media inquiries, including requests for interviews with CenterPoint executives, please contact media@centerpoint.com or 630.586.8285.
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