CenterPoint Properties has acquired five last-mile sites. The portfolio includes one Houston property, in addition to five more in Long Beach, California. The off-market portfolio sale closed for an undisclosed sum.
The Houston property is a 10.5-acre pipe yard, which incorporates a 10-year leaseback, in addition to a nine-year lease extension on an existing CenterPoint building across the street at 8900 Railwood Drive. The properties are just five miles from the I-610 East Loop and eight miles from the Port of Houston. CenterPoint now owns 38 assets in the Houston market.
“We have strong momentum going into the fourth quarter. CenterPoint has closed on $1.3 billion in acquisitions over the past 15 months and $595 million just since March 2020,” said Ryan Dunlap, CenterPoint senior vice president of investments.
The seller was a CenterPoint tenant, Ta Chen International.