CenterPoint Properties remains aggressive in one of America’s top-ranked industrial submarkets by acquiring the 66,566-square-foot, 7.5-acre property at 19875-19899 Pacific Gateway Drive in Los Angeles, CA.
“This is a trophy asset that represents everything CenterPoint targets in a Class A facility,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “The combination of lower coverage in this location presents a true dual-threat, with the ability to service both the first-mile and the last-mile,” he added.
Bob Andrews, CenterPoint’s Senior Vice President of Asset Management, underlined the myriad operational advantages the property’s features have in store for users.
“19875 Pacific Gateway has a combination of features that are highly unique, including less than 20 percent site coverage, a clear span that allows for drive-through capabilities, a highly efficient rectangular configuration, a fully secured yard and an on-site maintenance facility,” Andrews said. “This is an optimal facility in today’s leasing environment, and we’re excited to market this site for lease immediately,” Andrews emphasized.
South Bay’s industrial submarket is one of the hottest in the nation as e-commerce shows no signs of ebbing anytime soon. The vacancy rate there has dipped to an all-time low of 0.6 percent.
Mike Fowler and Tim O’Rourke of JLL brokered the transaction and will represent CenterPoint in leasing the site, which is immediately available.
The past few months have been busy for CenterPoint in South Bay. In June, it bought another Class A asset in Carson, and in July, it scooped up a parking-rich South Bay site in Lynwood. And in October, CenterPoint bought a distribution warehouse in Torrance.
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.