(EDITOR’S NOTE: According to an announcement made by the seller, Ducommun Incorporated, the property was sold for $143 million, or approximately $465 per square foot.)
OAK BROOK, IL – CenterPoint Properties has put the finishing touches on a busy year of investments in the Southern California industrial market with a sizable acquisition in the Los Angeles Basin at 268 E. Gardena Blvd. in Carson, CA. It’s the company’s sixth purchase in the South Bay submarket and 15th Southern California acquisition in 2021.
The 307,222-square-foot, 17-acre Gardena property is 15 miles from the Port of Long Beach and minutes from the 91, 110, 405, 710 and 105 freeways.
“The combination of a highly strategic location with this asset’s scale and configuration makes this a very valuable addition to our infill portfolio,” said CenterPoint’s Investment Officer Ashley Vanacore. “This asset’s long-term optionality is highly aligned with our port-proximate infill strategy, particularly in a submarket like the South Bay,” she added.
The 268 E. Gardena site features include a 30-foot clear warehouse, 19 loading doors with the ability to add more in the future, a fully fenced concrete truck court with drive-around capability and above-market parking for 374 cars.
South Bay is among a select number of industrial submarkets atop the wish lists of retailers and logistics companies seeking space in America’s most advantageous locations. Rent growth has grown by double digits annually for five years running, and vacancy rates are at an all-time low, well under one percent.
“CenterPoint has now invested in excess of $750 million in 2021 just in the Southern California region alone, with transactions ranging from $5 million to $150 million,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments. “Our commitment to the region remains steadfast, and we look forward to increasing our investment volume in the area in 2022.”
CBRE National Partners‘ Joe Cesta, Darla Longo and Barbara Perrier brokered the sale-leaseback transaction.
Recently, the company closed on the Class A property at 19875-19899 Pacific Gateway Drive – available for lease – and added a warehouse in Long Beach as part of a three-building portfolio trade. In October, CenterPoint bought a Torrance distribution facility. Over the summer, it bought a trophy asset in Carson and a low-coverage property in Lynwood.
