CenterPoint Purchases Manufacturing Property, Plans To Reposition for Distribution

CenterPoint Purchases Manufacturing Property, Plans To Reposition for Distribution

RANCHO DOMINGUEZ, CA—CenterPoint Properties Trust has purchased the industrial building at 2883 E. Victoria St. in Rancho Dominguez, Calif.  for an undisclosed sum. The 123,199-sq.-ft. property, which was previously owned by Big Tree/Big Sleep, will be repositioned from manufacturing to distribution.

“CenterPoint’s vision is to convert the facility to meet increased demand from port-related tenants,” said Cushman & Wakefield’s Steve Bohannon, in a statement.

Big Tree/Big Sleep occupies the building to manufacture futons. The company will continue in the space on a short-term leaseback. CenterPoint hopes to convert the property for distribution use by mid-2013.

“This was an off-market opportunity, with the seller continuing to pay rent while CenterPoint obtains their entitlements,” Bohannon said. “It occupies a quality corner location, and CenterPoint’s vision is to convert it to take advantage of what the South Bay market of Los Angeles needs, meeting increased demand from port-related tenants.”

Steve Bohannon, Rooney Daschbach and Rusty Smith of the Los Angeles-South office of Cushman & Wakefield, represented the buyer.

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