CenterPoint adds last-mile facility in fifth Bay area aquisition in past year

CenterPoint Properties has announced it has acquired a last-mile facility at 2995 Atlas Road in Richmond, CA. The acquisition of this high-throughput cross-dock facility brings CenterPoint’s northern California portfolio to 19 properties and 3.87 million SF.

The 707,820 SF building is ideal for last-mile distribution with a 32’ clear-height, 151 dock-high doors, 15 drive-in doors and 157 trailer parking stalls. With a building depth of 475’ and a truck court depth ranging from 130’ to 180’, the site is configured to maximize the flow of goods. The combination of dock positions, parking and coverage makes this facility a notable addition to CenterPoint’s West Coast portfolio.

“The value proposition is about maintaining a bulk format in an infill environment,” said Greg Pearson, CenterPoint Vice President of Investments. “The inventory of undeveloped land in the I-880 Corridor cannot support future competition, which should create long-term pricing power and outsized appreciation,” finished Pearson.

CenterPoint’s latest acquisition is less than 20 miles from the Port of Oakland and less than 5 miles from I-80. It’s also proximate to the I-880 Corridor, one of the premier industrial locations in the U.S with a vacancy rate of less than 2%. CenterPoint has two active developments in the East Bay.

“The product is thematically aligned with our overarching strategy: purchase and develop throughput-focused assets in the best urban settings,” said Ryan Dunlap, Senior Vice President of Investments at CenterPoint.

The project was sold by the Cushman & Wakefield Norcal Capital Markets team led by Steve Hermann in partnership with Brooks Pedder, Tony Binswanger and John McManus as local market experts. The seller was LDK Ventures.