CenterPoint Properties is continuing its late-year acquisition push in Southern California with a buy in Torrance.
The Chicago-based firm acquired a 66,566-square-foot industrial property at 19875-19899 Pacific Gateway for an undisclosed sum, according to L.A. Biz. The property was occupied by Coca-Cola Vending.
The warehouse covers about 20 percent of the 7.5-acre property, which CenterPoint touted as a key point for truck traffic.
“19875 Pacific Gateway has a combination of features that are highly unique, including less than 20% site coverage, a clear span that allows for drive-through capabilities, a highly efficient rectangular configuration, a fully secured yard and an on-site maintenance facility,” said Centerpoint Senior Vice President of Asset Management Bob Andrews.
CenterPoint Properties has now acquired eight properties since September. Late in that month, the firm paid Miami developer Moishe Mana $63 million for a Pico Rivera property in a lease-back deal with Mana’s GRM Document Management.
In October, the firm bought another Torrance warehouse — totaling 52,334 square feet — for an undisclosed sum. The property is about 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 sits on 20 acres.
Earlier this month, the firm bought three facilities from forklift manufacturer Crown Equipment Corporation. The properties are in Long Beach, Ontario and La Verne and total about 215,700 square feet. The Ontario property is the largest of the three.
A few days later, news broke that the firm had purchased a nine-acre development site in Signal Hill from private energy firm Signal Hill Petroleum. The site came with plans for a 100,000-square-foot distribution center.
The national industrial market is as strong as it’s ever been, largely thanks to demand from e-commerce tenants. Asking rents nationwide were at 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 leads the nation in investment sales.
[LA Biz] — Dennis Lynch