CenterPoint Secures Another Low-Coverage Infill Asset for L.A. Portfolio
Posted By Staff Writers On February 25, 2021 @ 9:01 am
OAK BROOK, IL – CenterPoint Properties is pleased to announce it has closed on its second low-coverage asset in the L.A. market this month: 15915 – 15939 Piuma Ave., Cerritos, CA. The 27,444-square-foot last-mile facility covers 18% of the 3.4-acre property.
The property is nestled between the South Bay and Mid-Counties submarkets. Competition is fierce in the area for last-mile facilities with outsized yard components as logistics companies and regional service providers seek properties that can accommodate features such as laydown yards, grade-level loading and extra parking for delivery fleets.
“This property is centrally located within the Los Angeles Basin and has immediate proximity to the region’s most prominent thoroughfares,” said Bob Andrews, CenterPoint Senior Vice President, Asset Management. “It’s a fantastic location squarely in the center of the portfolio we’ve assembled over the past several years.”
The property has prime regional transportation access with immediacy to the I-605 Freeway via Alondra Blvd. It’s 20 miles from LAX and even less to the Port of Los Angeles. America’s number one container Port moved 9.2 million TEUs in 2020, making it the fourth busiest year in its history.
“We seek to capitalize on the dislocation between land values and the current leasing demand for low-coverage facilities, yards and parking sites within infill submarkets,” said Evan Lippow, CenterPoint Senior Vice President of Investments. “This port-proximate site affords us great flexibility, which is one of the hallmarks CenterPoint seeks when evaluating acquisition opportunities in this uber-competitive environment,” Lippow emphasized.
CBRE’s Rick McGeagh brokered the transaction.
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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.