OAK BROOK, IL – CenterPoint Properties has leased a 66,566-square-foot, 7.5-acre property at 19875-19899 Pacific Gateway Drive in Torrance, CA, to Lotte Global Logistics. CenterPoint acquired the low-coverage Class A facility in Q4 2021.
“A top-flight property like this with just 20 percent site coverage is prized in one of America’s top infill markets, South Bay,” said Bob Andrews, CenterPoint’s Senior Vice President of Asset Management. “We were thrilled to add it to our burgeoning port-proximate Southern California portfolio knowing the competition for it would be fervent among both first- and last-mile users,” Andrews finished.
Competition among e-commerce giants and their service providers has driven Los Angeles-area industrial vacancies to record lows and made well-equipped properties near the Ports of LA and Long Beach top rental targets.
“19875-19899 Pacific Gateway’s configuration, clear span, and parking make it one of the most efficient facilities in the LA Basin,” said Kim Rierson, CenterPoint’s Vice President of Construction. “We worked to make it even better, refreshing the 7622-square-foot office and the building’s exterior,” Rierson added.
Mike Fowler, Tim O’Rourke and Alex Staff of JLL represented CenterPoint in leasing the site. Remy Moses and David Bales of Lee & Associates represented Lotte Global Logistics.
CenterPoint has been one of the most active South Bay and Southern California investors, investing more than $750 million to acquire 13 properties in the region in 2021 alone. In February, the company closed on a 91,342-square-foot warehouse in the heart of the South Bay submarket at 301 E. Alondra Blvd. in Gardena, CA.