CenterPoint Properties Announces Multi-Tenant Property Acquisition in Commerce, Calif.
Posted By Staff Writers On June 1, 2015 @ 10:00 pm
OAK BROOK, IL – CenterPoint Properties is pleased to announce the acquisition of a multi‐tenant warehouse and adjacent office building totaling 523,339 SF in Commerce, California. Cushman & Wakefield brokered the transaction for the acquisition of 5510-5650 Grace Place and 972 S. Goodrich Avenue.
The 5510-5650 Grace Place property consists of 492,699 SF of industrial warehouse space, which is partially leased. Upon redevelopment, the facility will feature 47 dock doors, 28′ clearance storage, and heavy power that could accommodate either e-commerce product handling or manufacturing. The adjacent 972 S. Goodrich Avenue property contains 30,640 SF of divisible office space.
The two facilities, located just miles southeast of the Los Angeles city center, offer immediate access to valuable shipping channels and transportation assets. The Burlington Northern Santa Fe and Union Pacific Commerce Intermodal Yards, East Los Angeles Interchange, and Interstates 5 and 710 are each within a few miles of the property, providing tenants lower drayage costs and expedited distribution capabilities. Los Angeles International Airport and the Ports of Los Angeles/Long Beach are a half-hour drive from the facilities.
“This acquisition is an exciting addition to CenterPoint’s portfolio, especially in the highly constrained Los Angeles market,” remarked Jim Linn, Senior Vice President, Investments, at CenterPoint. “Acquisitions like this allow us to accommodate the rising demand for industrial properties that satisfy our customers’ logistics needs,” said Linn.
About CenterPoint Properties
CenterPoint Properties is focused on the development, acquisition and management of industrial property and transportation infrastructure that enhances business and government supply chain efficiency. The company invests in major coastal and inland port logistics markets anchoring North America’s principal freight lanes. CenterPoint‘s portfolio includes 57.3 million square feet and 4,500 acres under development in the company’s integrated intermodal industrial parks. For more information on CenterPoint Properties, visit www.centerpoint.com or follow @centerpointprop on Twitter.
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