CenterPoint Continues Quest to Build Mass in L.A.’s South Bay Submarket
Posted By Staff Writers On February 7, 2022 @ 9:45 am
OAK BROOK, IL – CenterPoint Properties has acquired a 91,342-square-foot warehouse in the heart of the South Bay submarket at 301 E. Alondra Blvd. in Gardena, CA. The 3.7-acre rectangular property is leased to a regional manufacturer.
301 E. Alondra is 15 miles from the Port of Long Beach, where congestion continues to be a catalyst for record-setting demand for warehouse space. South Bay is among America’s most competitive infill submarkets for investors and users alike, with precious few land sites available for development and a minuscule vacancy rate. The Gardena area within South Bay, in particular, is prized for its easy regional access to the 110, 405, 91, 710 and 105 freeways.
“The location of this asset is the bullseye of CenterPoint’s premier target submarket, and we value having the flexibility for a low-coverage repositioning opportunity in the future,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “CenterPoint was one of the most aggressive investors in the South Bay in 2021, and we’re hoping to increase that investment volume in 2022.”
In the shadow of the Port of Long Beach and with direct access to neighboring beach communities, South Bay remains one of several Southern California submarkets drawing heavy interest from CenterPoint’s Investment Team. In 2021, the Company invested approximately $375 million across six transactions in the highly coveted industrial submarket.
“This is CenterPoint’s 11th asset in the immediate area, so it’s clear we greatly value this pocket of the L.A. Basin. Tenant demand for both warehouse space and land sites continues to be really, really strong,” said Ashley Vanacore, CenterPoint’s West Coast Investment Officer. “Like other assets in the neighboring CenterPoint portfolio, 301 E. Alondra has unique optionality that we will continue to target moving forward.”
Matt Stringfellow, Courtney Bell and Tyler Rollema of The Klabin Company brokered the transaction.
In December ’21, CenterPoint bought a warehouse less than a mile away at 268 E. Gardena Blvd. in Carson.
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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.