Cushman and Wakefield Arranges Acquisition of Industrial Building

RANCHO DOMINGUEZ, CA—CenterPoint Properties Trust has acquired 2883 East Victoria Street, a single-story, 123,199-square-foot industrial building in Rancho Dominguez, from Big Tree/Big Sleep. The transaction was arranged on behalf of the buyer by Steve Bohannon, Rooney Daschbach and Rusty Smith of the Los Angeles-South office of commercial real estate services firm Cushman & Wakefield, Inc.

The seller utilizes the facility for the manufacture of futons, and under the terms of the transaction will continue to occupy the site on a short-term leaseback. Chicago-based CenterPoint plans to convert the facility for distribution use offering 105,000 square feet of space, a repositioning that is expected to be completed by mid-2013.

“This was an off-market opportunity, with the seller continuing to pay rent while CenterPoint obtains their entitlements,” said Bohannon. “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.”

Rancho Dominguez, an unincorporated section of Los Angeles, offers proximity to the ports of Los Angeles and Long Beach. The newly acquired property is rail-served, and is close to the I-91 and I-710 freeways.

Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis.