CenterPoint Properties Takes Industrial Site in LA for $63M
The fully occupied, 173,134-square-foot site was traded in a sale-leaseback deal
By Greg Cornfield September 27, 2021 2:45 pmreprints
Los Angeles County’s industrial market can’t be stopped — or, at least, not by COVID-19 and its variants.
CenterPoint Properties has acquired a 173,134-square-foot, Class A industrial property in Pico Rivera, Calif. — about seven miles east of Downtown L.A. — for $63 million. Financing records show Bank of America provided $25 million in debt in 2019.
The fully occupied 8500 Mercury Lane was traded in a sale-leaseback with GRM Document Management. DAUM Commercial Real Estate Services brokered and announced the transaction.
Industrial real estate has stood far and away as the best-performing asset class since March 2020, while office and retail have floundered in the wake of the pandemic.
Indeed, Chicago-based industrial investment firm CenterPoint has been active throughout Southern California the past year and a half, with deals ranging from seven to nine figures in price.
Earlier this month, Oxford Properties Group put down $133.5 million for a 14-building industrial park in the northern half of L.A. County, and Overton Moore Properties acquired a property with 261,950 square feet of space in L.A.’s South Bay.
DAUM’s Jordan Lara, Rudy Lara and Nick Peukpiboon brokered the deal with CenterPoint and GRM Document Management.
Gregory Cornfield can be reached at email@example.com.