The property, located at 7437 Scout Ave., has a roughly 19,000-square-foot facility that covers just 13% of the property, which is spread across 3.4 acres. It has a fully secure, fenced-in yard.
“Infill land sites across the country have experienced explosive rental growth in recent years,” Evan Lippow, CenterPoint senior vice president of investments, said in a statement. “CenterPoint remains steadfast in our pursuit of these infill assets that can accommodate parking or outdoor storage, particularly in a submarket like the Mid-Counties.”
The growth of ecommerce, experts say, has furthered demand for industrial space.
During the fourth quarter, 15.2 million square feet of industrial space sold or leased in Los Angeles County, compared with 13.7 million square feet the quarter before, according to data from Jones Lang LaSalle Inc. The asking rent for properties was 97 cents on a triple net basis, up 6 cents in a year.
The vacancy rate for the quarter was tight at 3.1%, down from 3.6% the previous quarter.
Ports and densely populated areas — L.A. has both — are of particular interest for investors.
“The Scout Property is a perfect fit for our L.A. portfolio with its immediate access to the I-5 and I-710 freeways and proximity to both LAX and the ports,” Bob Andrews, CenterPoint’s senior vice president of asset management, said in a statement.
Prior to the sale, the company owned 47 properties in Southern California totaling 7.7 million square feet. The company has 60 million square feet in total nationwide spread across 330 buildings.
CenterPoint’s main markets are L.A., the Bay Area, Seattle, Houston, Chicago, New York, New Jersey and Miami. The company is based in Chicago.
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