CenterPoint Purchases Low-Coverage Last-Mile Facility in Central Los Angeles Submarket
Posted By Staff Writers On February 5, 2021 @ 12:33 pm
OAK BROOK, IL – CenterPoint Properties is pleased to announce the acquisition of 7437 Scout Ave. in Bell Gardens, CA. The 19,415 SF facility covers 13% of the 3.4-acre property just outside downtown Los Angeles.
The high-throughput configuration is aligned with CenterPoint’s commitment to purchasing invaluable infill assets. The site features a paved, fenced and fully secure yard with abundant parking that users are hard-pressed to find near Downtown L.A. and elsewhere in the Commerce/Vernon area.
“Infill land sites across the country have experienced explosive rental growth in recent years,” said Evan Lippow, CenterPoint Senior Vice President, Investments. “CenterPoint remains steadfast in our pursuit of these infill assets that can accommodate parking or outdoor storage, particularly in a submarket like the Mid-Counties.”
Leasing activity in the area has seen strong growth in recent months fueled by e-commerce demand and port congestion. Low-coverage last-mile warehouses like the Scout property are viewed as particularly favorable investments as vacancies continue to decrease and entitlements for these types of properties are increasingly difficult to obtain.
“The Scout Property is a perfect fit for our L.A. portfolio with its immediate access to the I-5 and I-710 freeways, and proximity to both LAX and the Ports,” said Bob Andrews, CenterPoint Senior Vice President, Asset Management.
Alexander Harrold and Samuel Tobias of Matthews Real Estate Investment Services 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.