CenterPoint Properties has struck its second deal in recent months in a critical Southern California distribution hub – Inland Empire – purchasing 1015 S. Rancho in Colton, CA.
The brand-new, paved, fenced, and fully secure site is leased long-term to a leading global retailer, which uses the property for storage, parking, maintenance and dispatch to support a nearby transload facility.
“This asset has a strong alignment with our investment thesis to acquire strategically located sites that support the increasing demand for parking within the top industrial submarkets in the country,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments.
Inland Empire enjoys a sub-two-percent vacancy rate, astoundingly eclipsed by Inland Empire East’s all-time low rate of 0.6-percent. It offers logistics companies strategic access to Southern California’s more than 23 million consumers and the entire Southwest U.S.
The Inland Empire area itself is proving to be desirable to retailers, with a swelling population as people migrate to its more affordable housing than coastal areas and logistics industry jobs. Some five million people call the Inland Empire area home, and 14 million live within 60 miles of the Rancho site.
“Parking and storage on this scale are scarce in Inland Empire,” stated Ashley Vanacore, CenterPoint’s Investment Officer. “This property also offers our investment-grade tenant outstanding access to the region’s transportation infrastructure, with immediate access to the I-10 freeway and close proximity to two intermodal terminals,” Vanacore added.
Jeff Chiate, Rick Ellison and Mike Adey from Cushman & Wakefield brokered the transaction.
In September, CenterPoint acquired a low-coverage Inland Empire industrial facility at 535 E. Tennis Court Lane in San Bernardino, CA.
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.