CenterPoint Signs Five-Year Lease with Punch Studio in the City of Los Angeles
Posted By Staff Writers On June 5, 2019 @ 8:39 am
OAK BROOK, IL – CenterPoint Properties is proud to announce a five-year lease with Punch Studio, LLC for a 122,718-square-foot building at 13217 South Figueroa Street in Los Angeles, California. The site is a true last-mile destination with immediate access to Interstate 110, offering direct access to the ports and Downtown Los Angeles.
Punch Studio–known for their watercolor designs–produces custom stationery and gifts. This facility will be used for warehousing and distribution.
“We’re excited to partner with Punch Studio as they expand their footprint and continue to invest in Los Angeles,” said Bob Andrews, CenterPoint Senior Vice President of Investments.
CenterPoint acquired the building vacant in June 2018. The asset was purchased with over 20,000 square feet of dated office space, all of which was removed and replaced with 12,000 square feet of modernized space. Additional building features include three points of access, 22ʹ clear height, 24 exterior dock doors and an ESFR sprinkler system.
“We decided early on that ESFR was necessary despite the low clear height. It was a worthy investment that will continue to pay dividends in future lease generations,” said Ryan Dunlap, Senior Vice President of Investments.
“As the Los Angeles market continues to tighten, this corner of the South Bay is positioned as a strategic relief valve for the Westside and Downtown Los Angeles,” said Greg Pearson, Vice President of Investments at CenterPoint.
The building is CenterPoint’s most recent investment in the South Bay submarket. This acquisition came on the heels of the purchase of 2988 East Ana Street in Rancho Dominguez and seven acres at 16627 Avalon Boulevard in Carson, California.
Rob Flores, Brian Held, Sara Santomauro and John Privett of CBRE represented CenterPoint in both the purchase of the building and the new lease. Punch Studio was represented by Gary Blau of Commercial Property Group.
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.