(EDITOR’S NOTE: According to a report from Commercial Observer, the property sold for $197 million, or approximately $360 per square foot. The portfolio was sold by JPMorgan Asset Management.)
OAK BROOK, IL – CenterPoint Properties has completed a four-building portfolio acquisition in the country’s preeminent port-proximate industrial submarket, South Bay, near the Ports of Long Beach and Los Angeles.
The portfolio acquisition increases the CenterPoint South Bay portfolio to 30 total assets, in addition to two active development projects. The firm’s regional leaders say they are committed to investing more capital in the submarket.
“It’s rare to have the opportunity to acquire this type of scale in the South Bay,” said Evan Lippow, CenterPoint’s senior vice president of investments in the West Region. “These four assets are synergistic with our existing portfolio and align with the CenterPoint investment strategy of accumulating scale in the premier infill logistics markets in the country,” he added.
The four facilities in Compton, CA, at 1111 W. Artesia Blvd., 711 W. Walnut St., 1620 S. Wilmington Ave., and 425 Carob St., total 546,866 square feet and feature 113 dock-high loading positions, 12 ground-level loading doors, ample auto and trailer parking spaces and secure yards.
“The South Bay submarket has an established track record of low vacancy, high rental growth and high barriers to entry for new development,” said Bob Andrews, CenterPoint’s West Region senior vice president of asset management. “Our model allows us to identify assets that have the potential to be accretive for our portfolio on a long-term basis, and this portfolio supports that strategy,” Andrews finished.
CBRE National Partners’ Darla Longo, Michael Longo, Joe Cesta, Eric Cox and Barbara Perrier brokered the transaction.
“The portfolio is located in one of the strongest industrial markets in the country, less than 13 miles from the ports of Los Angeles and Long Beach and with direct access to routes servicing the West Coast,” said Mr. Longo. “South Bay is supply constrained with little vacancy, and this asset represents a truly unique investment opportunity in an exceptionally strong rent growth market known for quality tenants and high retention.”
CenterPoint’s recent South Bay activity isn’t limited to acquisitions. In April, the firm will finish building a 113,400-square-foot facility at 16627 Avalon Blvd. in Carson, CA. The JLL team of Zac Sakowski, Danny Reaume and Rustin Mork lead CenterPoint’s leasing efforts.
About CenterPoint Properties
CenterPoint is an industrial real estate company made 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 — 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, visit centerpoint.com and follow us on LinkedIn.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
