Chicago-based CenterPoint Properties has purchased nine acres of land in Los Angeles from Signal Hill Petroleum.
CenterPoint plans to redevelop the property at 2550 Orange Ave. to include a 100,147-sq. ft. warehouse facility featuring 17 dock-doors and 73 trailer parking stalls, broker Kidder Matthews (KM)said in a statement.
“We’re seeing almost zero percent vacancy coupled with unprecedented rent growth and land values,” KM’s Tom Holland, said in a statement. “The largest increases have occurred within the last four months and are expected to continue in the near term.”
“We are grateful to Kidder Mathews for bringing this development opportunity to our attention, and we look forward to working with them to secure a long-term tenant once the site is developed,” said Ryan Kelleher, manager of development transactions at CenterPoint.