CenterPoint invests in Class A inland empire property

CenterPoint Properties has acquired a 210,615-square-foot facility at 10855 Philadelphia Ave. in Jurupa Valley, CA. In February, CenterPoint leaders signaled the firm would continue to target investment opportunities in the Inland Empire after its acquisition of 2777 E. Cedar St. in Ontario, CA.

Rents have grown dramatically in the submarket since that investment, said Ashley Vanacore, CenterPoint’s investment officer. The combination of historically low vacancy rates and exorbitant tenant demand has created an atmosphere where rents are growing monthly.

“Demand is unprecedented in the Inland Empire as logistics companies compete to lease functional space proximate to the Ports of LA & Long Beach, as well as the Southern California population base,” Vanacore stated. “Blue-chip facilities are a priority on companies’ wish lists, so we’re happy to add this distribution facility to our infill SoCal portfolio,” she added.

The latest CenterPoint Southern California acquisition is about a mile from CA-60 and immediately proximate to the I-10 and I-15. The building is optimally outfitted with a 30-foot clear height and 24 dock positions, and the property has parking for 36 trailers and 145 cars.  

“CenterPoint will continue to seek out investment opportunities that enhance the quality of the portfolio in the premier leasing markets in the country,” said Evan Lippow, CenterPoint’s senior vice president of investments. “Due to the strong underlying fundamentals in the Inland Empire, CenterPoint will continue to emphasize increasing the portfolio concentration in this market.”

This transaction represents CenterPoint’s fifth acquisition in the Inland Empire in the past nine months, totaling approximately $265 million. 

Colliers’ Clyde Stauff and Jace Gan brokered the transaction.