CenterPoint Signs 10-Year Lease With Aztec Tents in Newly Acquired Asset
Posted By Staff Writers On November 19, 2019 @ 1:11 pm
OAK BROOK, IL – CenterPoint Properties is proud to announce a 10-year lease extension with Aztec Tents for a 60,500-square-foot building at 2665 Columbia Street in Torrance, California.
“We are pleased to expand our partnership with Aztec Tents as they continue to invest in the city of Torrance,” said Bob Andrews, CenterPoint Senior Vice President of Asset Management.
CenterPoint purchased the building in November 2019 with a short-term lease in place. The tenant has been in the building since 2007 and occupies another facility down the street. Aztec Tents is one of the nation’s most renowned manufacturers of tents and other semi-permanent fabric structures for some of the most prestigious events across a variety of industries.
“The investment has benefited from real-time price transparency in Torrance,” said Ryan Dunlap, CenterPoint Senior Vice President of Investments.
“This asset was purchased at a discount of nearly $80 per square foot from the latest Class “B” trade in Torrance,” said Greg Pearson, CenterPoint Vice President of Investments.
The building is CenterPoint’s most recent investment in the South Bay market. CenterPoint has been one of the most active investors on the West Coast over the past 12 months. The firm is the market leader for total acquisitions in Seattle and the East Bay, and the largest industrial investor in Orange County this year. Another recent West Coast acquisition was completed last month at 3201 South Susan Street in Santa Ana, CA. It was CenterPoint’s second purchase over 200,000 square feet in Orange County this year.
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.