OAK BROOK, IL – CenterPoint Properties continues to zero in on LA’s lucrative South Bay industrial submarket, acquiring a 10,801-square-foot building at 540 W. 132nd Street in Los Angeles, CA. The property gives the investor a 6.5-acre assemblage in one of America’s hottest industrial submarkets.
CenterPoint acquired the largest property of the cluster, 13217 S Figueroa Street, in 2018 ($21 million). Last month, the company secured the second of the three-property assemblage at 506 W 132nd St ($7 million). CenterPoint officials say they acquired both properties on 132nd vacant, and 540 W. 132nd Street is available for lease immediately.
“We’re proud to acquire CenterPoint’s 69th asset in Southern California. Specifically, this is CenterPoint’s’ 10th South Bay acquisition in the past 12 months,” said Evan Lippow, CenterPoint’s Senior Vice President of Investments in the West Region. “This investment perpetuates CenterPoint’s long-term goal of acquiring strategic assemblage opportunities in the best submarkets in the country,” Lippow shared.
The assemblage is just 15 miles from the Ports of LA and Long Beach and even less from Downtown Los Angeles.
“As a company, we’ve done extremely well with our portfolio in the South Bay submarket – it’s really our bread and butter,” said Bob Andrews, CenterPoint’s Senior Vice President of Asset Management for the West Region. “Overall, South Bay’s vacancy is nearly nil, and the rent growth has been substantial. Long term, this assemblage will prove very valuable to CenterPoint. However, in the near term, we’re confident in the demand to lease the property in its existing condition,” he finished. CBRE’s Rob Flores and Sam Carmack and Matt Stringfellow from The Klabin Company brokered this transaction.
