OAK BROOK, IL. – CenterPoint Properties is proud to announce it has acquired a last-mile facility at 2995 Atlas Road in Richmond, CA.
The acquisition of this high-throughput cross-dock facility brings CenterPoint’s northern California portfolio to 19 properties and 3.87 million SF.
The 707,820 SF building is ideal for last-mile distribution with a 32’ clear-height, 151 dock-high doors, 15 drive-in doors and 157 trailer parking stalls. With a building depth of 475’ and a truck court depth ranging from 130’ to 180’, the site is configured to maximize the flow of goods. The combination of dock positions, parking and coverage makes this facility a notable addition to CenterPoint’s West Coast portfolio.
“The value proposition is about maintaining a bulk format in an infill environment,” said Greg Pearson, CenterPoint Vice President of Investments. “The inventory of undeveloped land in the I-880 Corridor cannot support future competition, which should create long-term pricing power and outsized appreciation,” finished Pearson.
CenterPoint’s latest acquisition is less than 20 miles from the Port of Oakland and less than 5 miles from I-80. It’s also proximate to the I-880 Corridor, one of the premier industrial locations in the U.S with a vacancy rate of less than 2%. CenterPoint has two active developments in the East Bay.
“The product is thematically aligned with our overarching strategy: purchase and develop throughput-focused assets in the best urban settings,” said Ryan Dunlap, Senior Vice President of Investments at CenterPoint.
The project was sold by the Cushman & Wakefield Norcal Capital Markets team led by Steve Hermann in partnership with Brooks Pedder, Tony Binswanger and John McManus as local market experts. The seller was LDK Ventures.
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, follow us on LinkedIn. For all media inquiries, including requests for interviews with CenterPoint executives, please contact firstname.lastname@example.org or 630.586.8285.