CenterPoint Plucks Prime Property in Parking-Starved L.A.
Posted By Staff Writers On July 7, 2021 @ 10:03 am
OAK BROOK, IL – CenterPoint Properties has completed its fifth Los Angeles-area purchase this year, securing a more than 4-acre lot in the white-hot South Bay industrial submarket.
The rectilinear property at 11380 Wright Road, in Lynwood, CA, can accommodate more than 275 vehicles. It has direct access and frontage on the I-710 freeway and is located about 15 miles from the Ports of Los Angeles and Long Beach, LAX and downtown Los Angeles.
“E-commerce and logistics tenants have transformed market demand for zero coverage sites, particularly in infill markets where supply is decreasing,” said Evan Lippow, CenterPoint Properties’ Senior Vice President of Investments. “One of our goals is to be perfectly positioned to offer our customers premium parking and outdoor storage sites in premier submarkets like the South Bay,” Lippow finished.
The property is fully leased to a major e-commerce retailer to support its area distribution operations.
“This purchase affords us tremendous stability in the near term since this property is leased to a blue-chip tenant,” said Bob Andrews, CenterPoint’s Senior Vice President of Asset Management. “The entitlements of this property would be quite difficult to replicate in the South Bay submarket, which gives us a great deal of flexibility in the future, too,” he added.
John McMillan and Jeff Sanita of Newmark brokered the transaction.
For CenterPoint Investment, Development and Asset Management opportunities in the West Region, please contact:
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.