CenterPoint’s Latest ‘Trophy’ Acquisition Maintains Strong L.A. Momentum
Posted By Staff Writers On August 24, 2021 @ 11:18 am
OAK BROOK, IL. – CenterPoint Properties has purchased a 173,134-square-foot industrial building in heart of Los Angeles at 8500 Mercury Lane in Pico Rivera, CA. This transaction is only the second involving a Class A industrial building in infill L.A. since November 2019.
“This property is in Pico Rivera’s premier industrial development,” said Bob Andrews, CenterPoint’s Senior Vice President of Asset Management. “The building’s features and location bode well for future leasing,” Andrews added.
The nearly 8-acre Mercury property is chock full of modern amenities lacking in most of the area’s facilities, including a 32-foot clear-height, 24 dock doors with the ability to add six more doors, and an ESFR sprinkler system. It’s less than 2 miles from the I-5 freeway, giving the tenant unfettered access to the dense Southern California population, Downtown L.A. and the Ports.
“CenterPoint is deeply committed to maintaining a significant market share of the acquisition volume for quality assets in infill L.A., where it’s extremely rare to have an opportunity to acquire Class A product,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “This facility is elite, and we’re building a best-in-class spec up the road at 9883 Greenleaf in Santa Fe Springs. In the near future, we’ll own two of the finest facilities in one of America’s most competitive infill areas,” Lippow finished.
Jordan Lara of Daum Commercial presented the off-market, sale-leaseback transaction to CenterPoint.
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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.