Centerpoint acquires industrial space in Baldwin Park
CenterPoint Properties is proud to announce the acquisition of a 22,987-square-foot building at 12905 Garvey Avenue in Baldwin Park, California. The asset is strategically located at the intersection of I-10 and I-605, making it a premier low-coverage Southern California offering with a long-term credit tenant.
“We are strategically focused on building low-coverage mass in the Baldwin Park submarket. Albeit a smaller transaction, this acquisition is critically important in our greater 605 corridor strategy,” said Greg Pearson, CenterPoint Vice President of Investments.
Building features include a solar panel system, 22‛ clear height and four drive-in doors. Situated on 3.4 acres, the property can accommodate up to 63 trailer positions and offers ample space for future development.
“As supply chains evolve and reorient toward infill distribution, sites with these attributes should garner premium revenue streams,” said Ryan Dunlap, CenterPoint Senior Vice President of Investments.
Just five miles southeast, CenterPoint recently executed a five-year lease at 13260 East Amar Road in City of Industry, California. The building, which was purchased last year with two short-term leases in place, was vacant for only 45 days and leased to the next-door neighbor.
In the acquisition of 12905 Garvey Avenue, CenterPoint was represented by Jim Linn and Bret Hardy of Newmark Knight Frank. The seller was West Harbor Capital.
