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“We’re extremely bullish on the Southern California market. We invested $400 million just in Southern California alone in 2020, and we’re looking to double that volume in 2021. CenterPoint is great at working as a team to figure out where the next investment opportunity is that's ahead of the curve and trying to get out in front of user demand."
- Evan Lippow, CenterPoint's Senior Vice President of Investments in the West Region
Read what Evan said about CenterPoint’s third L.A. acquisition this year, the investment goal for Southern California for the rest of 2021, and why port-proximate Southern California properties are in such high demand in the feature story, “CenterPoint Properties plans to double its investments in Southern California this year — here’s why.”
CenterPoint Properties has acquired another industrial property in the Los Angeles area, this time a 112,00-square-foot vacant commercial building in Norwalk.
The transaction marks the Chicago-based real estate firm’s third acquisition in the L.A. market so far this year after picking up a rare industrial lot at a price point not seen in two years in Bell Gardens and a last-mile facility in Cerritos, both in February. The company said it is also developing the 212,500-square-foot Greenleaf Business Center in Santa Fe Springs.
All told, CenterPoint’s $1.7 billion Southern California portfolio spans 7.7 million square feet across 47 properties — about 12% of the firm’s total footprint of 63.5 million square feet across 275 buildings.
“We’re extremely bullish on the Southern California market,” said Evan Lippow, CenterPoint’s senior vice president of investments, in an interview following the February acquisitions. “We invested $400 million just in Southern California alone in 2020, and we’re looking to double that volume in 2021.”
The firm’s latest acquisition is located at 11729 Imperial Highway, adjacent to the I-5 freeway and near the I-105/605 interchange, about 16 miles southeast of downtown Los Angeles and less than 20 from the Ports of Los Angeles and Long Beach.
Jace Gan and Clyde Stauff of Colliers International represented CenterPoint in the transaction.
The building covers 27% of the property in an area coveted for its prime access to 11 million consumers across the region.
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 media@centerpoint.com or 630.586.8285.
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