CenterPoint Scores Inland Empire Property for its First SoCal Investment in ‘22
Posted By Staff Writers On February 2, 2022 @ 10:44 am
OAK BROOK, IL – CenterPoint Properties has completed its first Southern California transaction of the new year after making 13 new investments there in 2021. The company’s latest portfolio piece is a 108,616-square-foot warehouse on 9 acres at 2777 E. Cedar St. in Ontario, CA.
CenterPoint plans to invest significant capital into the site to create a unique facility for the Inland Empire West submarket that aligns with its investment strategy.
“Nearly a third of this site is excess land that we plan to pave for additional parking,” said Kim Rierson, CenterPoint’s Vice President of Construction in the West Region. “This is an exciting project that represents CenterPoint’s unique ability to identify, acquire and develop low-coverage properties in the top submarkets in the country,” Rierson added.
The Cedar Street property’s strategic location is highly attractive for logistics and e-commerce tenants alike. It’s just a half-mile from the 60 freeway via the Archibald Avenue full diamond interchange for easy access to both the I-15 and the I-10 freeways.
Ashley Vanacore, CenterPoint’s Investment Officer in the West Region, said the timing was right for the company to expand its Inland Empire footprint after concentrating most of its investments in the L.A. Basin the past two years.
“The Inland Empire – particularly the Inland Empire West – has rapidly become an infill market as logistics and e-commerce companies continue to absorb space at a rapid pace. Therefore, further expansion into the Inland Empire market will be a point of emphasis for CenterPoint Properties in 2022,” said Vanacore. “2777 Cedar has multiple property characteristics that are emblematic of our target investment strategy for this submarket.”
John Seoane and Tom Walrich of Lee & Associates brokered the sale transaction and will represent CenterPoint for this property moving forward.
The Cedar St. property is about 2.5 miles from a building CenterPoint purchased in December 2021 as part of a three-building portfolio acquisition.
CenterPoint now has 65 holdings in Southern California, comprising nearly 7.75 million square feet. The company ratcheted up its investment level in Southern California in 2021 and is committed to increasing that investment volume in 2022.
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.