CenterPoint Properties continues its year-end acquisition campaign in Southern California with a buyout from Torrance.
The Chicago-based company acquired a 66,566 square foot industrial property from 19875-19899 Pacific Gateway for an undisclosed amount, according to LA Biz. The property was occupied by Coca-Cola Vending.
The warehouse covers about 20 percent of the 7.5-acre property, which CenterPoint has touted as a key point for truck traffic.
“19875 Pacific Gateway has a very unique combination of features, including less than 20% site coverage, unobstructed range that allows for drive-thru capabilities, a highly efficient rectangular configuration, a fully secure yard, and on-site maintenance. Said Bob Andrews, senior vice president of asset management at Centerpoint.
CenterPoint Properties has now acquired eight properties since September. At the end of the month, the company paid Miami developer Moishe Mana $ 63 million for a Pico Rivera property in a sale-leaseback agreement with Mana’s GRM Document Management.
In October, the company purchased another warehouse in Torrance – totaling 52,334 square feet – for an undisclosed sum. The property is approximately three and a half miles from the Pacific Gateway warehouse.
About a week later, CenterPoint paid $ 114 million for a 400,000 square foot industrial facility in Santa Ana. The three-building complex spans 20 acres.
Earlier this month, the company purchased three facilities from forklift maker Crown Equipment Corporation. The properties are located in Long Beach, Ontario and La Verne and total approximately 215,700 square feet. The Ontario property is the largest of the three.
Days later, news broke that the company had purchased a nine-acre development site in Signal Hill from private energy company Signal Hill Petroleum. The site came up with plans for a 100,000 square foot distribution center.
The domestic industrial market is stronger than ever before, largely driven by demand from e-commerce tenants. Nationwide asking rents hit a quarterly high in the third quarter and net absorption that quarter was the highest since 2008.
Southern California is one of the tightest markets in the country, and as of October it led the country in investment sales.
[LA Biz] – Denis lynch