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The building covers just 27 percent of the property in one of the LA basin’s most desirable areas for prime access to the region’s 11 million consumers. Additionally, it’s adjacent to the I-5 freeway and less than 2 miles from the I-105/605 freeway interchange.
“We’re pleased we had the opportunity to acquire this property and look forward to enhancing its use in partnership with the City of Norwalk,” said CenterPoint Senior Vice President of Development William Lu.
“Demand for low coverage facilities in infill submarkets has catalyzed the transformation of big-box retail into alternative uses. This conversion is still in its infancy; however, CenterPoint will continue to proactively seek creative solutions to meet the increasing demand from our customers,” added CenterPoint’s Senior Vice President of Investments Evan Lippow.
This is CenterPoint’s third transaction in the Los Angeles market this year, along with 7437 Scout Avenue in Bell Gardens and 15915 – 15939 Piuma Avenue in Cerritos. CenterPoint is also developing the 212,500-square-foot Greenleaf Business Center in nearby Santa Fe Springs, CA.
It has amassed a 1.7 billion Southern California portfolio of 47 properties and 7.66 million square feet of space.
Jace Gan and Clyde Stauff of Colliers International represented CenterPoint in this transaction.
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.
For CenterPoint Investment, Development, and Asset Management inquiries, please contact:
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