CenterPoint Properties Trust has acquired a single-story, 123,199-square-foot industrial building in Rancho Dominguez, Calif., an unincorporated section of Los Angeles, from Big Tree Big Sleep.
The seller uses the facility to manufacture 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, which is scheduled to be completed by mid-2013.
The transaction was arranged on behalf of the buyer by Steve Bohannon, Rooney Daschbach and Rusty Smith of the Los Angeles office of Cushman & Wakefield.
“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.”