Oak Brook, IL (PRWEB) January 30, 2014
CenterPoint Properties proudly announces the acquisition of an 187,986 SF port-proximate facility on 10.2 acres located at 100 W. Victoria Street, Long Beach, Calif. Jeff Smart of Colliers International and Steve Sprenger of Newmark Grubb Knight Frank, represented CenterPoint in the transaction.
The highly functional logistics facility is fully occupied by International Cargo Terminals (ICT) who specializes in the loading, devanning and transloading of international shipping containers. The property focuses on transloading containers to and from the Ports of Los Angeles/Long Beach. Redeveloped in 2011, this property features 60 dock high loading and 60 trailer positions, a 12,000 SF office space, secured access, low drayage rates, and significant land space for container storage.
There are few properties existing in the South Bay area with similar facility features and location advantages. The property is nine miles from the Ports of Los Angeles/Long Beach, accessible from the adjacent 710 freeway, and 11 miles to the Union Pacific and Burlington Northern Santa Fe rail roads. The logistical advantages of the property maximize operational efficiencies by increasing truck turn frequency and maintaining a reliable schedule to and from the ports, while also reducing supply chain costs.
“We have acquired nearly 3 M SF in California over the last five years and this transaction further proves our commitment to the market. We ultimately intend to replicate CenterPoint’s Chicago ownership in California, and this transaction gives us a substantial push toward that goal by significantly increasing our allocation to the market,” remarked Jim Linn, senior vice president, investments of CenterPoint Properties.
About CenterPoint Properties
CenterPoint Properties is focused on the development, acquisition and management of industrial property and transportation infrastructure that enhances business and government supply chain efficiency. The company invests in major coastal and inland port logistics markets anchoring North America’s principal freight lanes. CenterPoint‘s portfolio includes 45.5 million square feet and 6,400 acres under development in the company’s integrated intermodal industrial parks. For more information on CenterPoint Properties, visit http://www.centerpoint.com or follow @centerpointprop on Twitter.
For additional information regarding CenterPoint Properties, please contact Kate Dougherty, Marketing Manager at 630.586.8205 or kdougherty(at)centerpoint(dot)com