A week after investing in the Inland Empire, CenterPoint Properties has closed on a low-coverage site at 17331 S. Broadway St. in Carson, CA.
This transaction marks CenterPoint's eighth in the South Bay industrial market since the start of 2021, further emphasizing the company's commitment to investing in the country's premier port submarket.
CenterPoint's latest acquisition has frontage along with one of the area's most traveled routes, the 91 freeway. It's also mere minutes from the 110/91 interchange, making it an ideal last-mile distribution point for users that need cost-effective access to the Ports of LA and Long Beach and the affluent consumers packed in around the nearby beach communities.
"In addition to the extremely valuable frontage on the 91 and connectivity to major transportation arteries throughout the region, this site fits our investment strategy due to the dynamic functionality for a multitude of different users," said Evan Lippow, CenterPoint's senior vice president of investments. "CenterPoint has strategically concentrated our investment efforts to amass low-coverage and zero-coverage sites in the best submarkets in the country," Lippow added.
In February, CenterPoint purchased 301 E. Alondra Blvd., a little more than a mile away. In Q4 '21, CenterPoint made its sixth South Bay investment of 2021, a 307,222-square-foot, 17-acre warehouse a mile from the Broadway asset as well.
The 17,280-square-foot Broadway warehouse covers less than 10% of the nearly five-acre property. CenterPoint's LA-based investment team said the site's capacity for various types of outdoor storage gives it even more cachet in a submarket seemingly maxed out of parking and storage.
"This facility is less than a decade old, and its clear span offers its tenant maximum functionality and storage space within the warehouse," said Ashley Vanacore, CenterPoint's investment officer. "Market fundamentals are still incredibly strong, and demand for a facility like this virtually will never subside since prime South Bay yard properties such as Broadway are rare to find," she finished.
Clyde Stauff and Jace Gan of Colliers brokered the off-market sales leaseback in their second SoCal deal involving CenterPoint this month.