CenterPoint Takes Three-Building Industrial Portfolio in L.A.
Posted By Staff Writers On December 6, 2021 @ 11:00 am
OAK BROOK, IL – CenterPoint Properties has struck a deal to buy three prime SoCal industrial properties in one fell swoop. The three properties at 4061 Via Oro Ave. in Long Beach, CA, 4250 East Greystone Drive in Ontario, CA and 1300 Palomares Ave. in La Verne, CA, total 215,733 square feet and more than 16 acres.
“We’re rarely able to find a portfolio that aligns with our highly disciplined strategy – we’ve built a portfolio of 275 properties and 65 million square feet, primarily one at a time,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “Consisting of three Class A buildings in one of the premier markets in the country, this portfolio certainly enhances that quality of our national portfolio,” Lippow finished.
The low property coverage of the buildings in Ontario and Long Beach – under 30 percent – among a slew of other e-commerce-friendly features match CenterPoint’s investment strategy of acquiring spacious port-proximate properties for high-throughput above-market parking and storage.
“With both port volumes and e-commerce driving so much of the industrial demand in Southern California, the attributes we seek in our investments are the ones this portfolio has in abundance,” said Ashley Vanacore, CenterPoint Properties’ Investment Officer. “The La Verne and Ontario properties are in two of the hottest submarkets in the country. The Long Beach property promises to be in high demand in any economic cycle due to its quality, infill location,” Vanacore added.
The Ontario facility is 128,129 square feet sitting on nearly 11 acres. It has a 30-foot-clear-height, 140-foot truck court and it can accommodate 26 loading doors. The property offers immediate access to SR-60 and the I-5 to help companies quickly reach millions of Los Angeles and Riverside County consumers.
The Class A facility in La Verne has a 26-foot-clear-height, five loading doors. It has frontage on Arrow Highway, allowing easy access to SR-57, the I-10, and the I-210.
The warehouse in Long Beach covers 28 percent of the 3-acre property, has a 35-foot-clear-height and two loading doors. It’s proximate to the I-405 and the I-710 to help users efficiently reach consumers throughout L.A. and Orange County.
CenterPoint has acquired five properties over the past week, including this sale-leaseback 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.