CenterPoint Properties has acquired 1.6 million square feet of building space and 94.23 acres of land in a transaction that represents one of the largest industrial trades of the decade.
Financial terms and seller were not disclosed.
“The ecosystem of infill million square-foot lease opportunities has managed to take on a non-commodity identity in a world of commodity,” said Greg Pearson, vice president of investments.
The acquisition is CenterPoint’s first investment in the Inland Empire since 2012. This purchase represents CenterPoint’s third “million-plus” square-foot acquisition over the past three years in Southern California. Most notably, CenterPoint stabilized the first of the trio with a lease to Unis at 6800 Valley View, Buena Park, Calif.
“The investment is consistent with our continued focus on low coverage assets with an emphasis on trailer and car parking,” said Bob Andrews, senior vice president of asset management.
