March 23, 2020 Comments Off on CenterPoint Claims 1.6M-SF Facility in SoCal’s Inland Empire Views: 1192 California News, Inland Empire, National News, West

CenterPoint Claims 1.6M-SF Facility in SoCal’s Inland Empire

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CenterPoint Properties acquired a 1.6-million-square-foot industrial facility on 94.23 acres of land at 5600 E. Airport Dr. in Ontario, CA. The Inland Empire market transaction represents one of the largest industrial trades of the decade, according to the Oak Brook, IL-based industrial investor, developer and operator.

The acquisition includes a short-term leaseback; however, the project will be marketed for lease immediately. The business plan is to leverage the existing improvements and capitalize on a parking ratio 5x greater than the market average.

CenterPoint’s Ryan Dunlap says, “This investment epitomizes our ‘land value-plus’ strategy, and emphasizes the ability to harvest value on in-place improvements. The pricing model leverages implicit land value, and fills the void between the low-cost provider and Class A construction.”

NKF’s Thad Mallory, Bret Hardy and Jim Linn represented CenterPoint in the off-market transaction. The acquisition is CenterPoint’s first investment in the Inland Empire since 2012.

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