CenterPoint Properties has made another deal in LA’s South Bay industrial submarket, investing in a nearly 1-acre site at 506 W. 132nd Street in Gardena, CA.
The company plans to improve the property and its 23,263-square-foot building to augment its existing asset next door at 13217 S. Figueroa Street.
CenterPoint acquired 13217 S. Figueroa in June 2018 and repositioned the 122,334-square-foot building, outfitting it with an ESFR sprinkler system and modernizing the office space. Wholesale stationery and gift manufacturer Punch Studio signed a five-year lease for the property in 2019.
“We’re pleased to have successfully engineered an expansion strategy with a valued customer in the South Bay submarket. At CenterPoint, we take pride in helping our tenants solve their occupancy needs in some of the most constrained markets in the country, such as the South Bay,” said Bob Andrews, CenterPoint’s Senior Vice President of Asset Management in the West Region.
The assemblage offers Punch Studio immediate access to the 110 freeway. It’s just 15 miles from LAX and the Ports of LA and Long Beach and even less from Downtown Los Angeles.
“This was a compelling opportunity to upgrade our Figueroa Street asset, help a tenant expand its operations in one of the best first-mile/last-mile locations in America, and continue to fortify an extremely high-quality South Bay portfolio,” said Ashley Vanacore, CenterPoint’s West Region Investment Officer.
Rob Flores and Sam Carmack of CBRE represented CenterPoint Properties in this transaction. The property was listed by Firstkey Realty Group, which represented the seller.
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 email@example.com or 630.586.8285.