CenterPoint Makes Another Last-Mile Play in Tight Los Angeles Infill Submarket
Posted By Staff Writers On December 3, 2020 @ 1:45 pm
OAK BROOK, IL – CenterPoint Properties is proud to announce it has acquired a last-mile facility at 4739 Durfee Avenue in Pico Rivera, CA. The cross-dock acquisition includes four total parcels on 7.07 acres translating to one of the lowest coverage properties of its kind in the entire Los Angeles basin.
The 40,238 SF building has a 24′ clear-height and 20 dock-high door positions. CenterPoint expects the site to be in high demand from last-mile e-commerce and port logistics users due to its low-coverage fundamentals, shallow-bay building configuration and a premium dock-high door count for a building of its size.
“The building’s characteristics in an infill setting create an intrinsically valuable entitlement,” said Ryan Dunlap, CenterPoint Senior Vice President, Investments.
CenterPoint now owns 37 properties and 7.26 million SF of space in the Southern California industrial market. The market is experiencing record-low vacancies, vanishing development space and little land to fulfill the incremental demand. It is becoming challenging to find standalone spaces that offer proximity to the Ports, air, the west side of LA and the regional freeway system. Notably, the Durfee site is close to BNSF and UP rail terminals. It is just 5 miles from both the I-5 and I-605, and it’s less than 30 miles from LAX and the Ports of Los Angeles and Long Beach.
“The Durfee asset is the manifestation of our port focus overlaid in an established e-commerce corridor,” said Greg Pearson, CenterPoint Vice President, Investments.
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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.