CenterPoint Properties, a Chicago-based real estate company, has purchased nine acres of land in Los Angeles from Signal Hill Petroleum, a privately owned California-based energy company. Kidder Mathews’ Tom Holland, Justin Dornblaser, and Alex Matar represented CenterPoint in the transaction and were the only brokers involved.
The property is located at 2550 Orange Avenue in Signal Hill. Once an abandoned driving range, the land will soon serve as home to a new state-of-the-art distribution center. CenterPoint plans to redevelop the property to include a 100,147-square-foot warehouse facility featuring 17 dock-doors and 73 trailer parking stalls.
The land is situated in the center of a premier industrial market near the Ports of Los Angeles and Long Beach. The sale speaks to the ever-increasing demand for quality Class A industrial space in the market, particularly for hard-to-find sites with five or more acres.
“We’re seeing almost zero percent vacancy coupled with unprecedented rent growth and land values. The largest increases have occurred within the last four months and are expected to continue in the near term,” said Holland.
“We are grateful to Kidder Mathews for bringing this development opportunity to our attention, and we look forward to working with them to secure a long-term tenant once the site is developed,” said Ryan Kelleher, Manager of Development Transactions at CenterPoint.
