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ORANGE COUNTY NEWS
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CenterPoint Properties Awards Leasing for 1.1 msf OC Facility to CBRE

4/11/19

CenterPoint Properties has awarded the leasing assignment for a 1.1 msf, revamped industrial building in Buena Park, at the northwestern edge of Orange County, to CBRE.

Located at 6800 Valley View, the massive industrial space is ideal for e-commerce companies with same-day delivery requirements, seeking a facility with close access to the ports as well as to Greater LA’s dense population base. CenterPoint is in the process of completing an extensive repositioning to upgrade the space, including installing a new ESFR Sprinkler system, adding truck positions, improving the large truck courts and delivering façade upgrades.

The property is strategically situated between major LA and Orange County hubs. It puts the occupant within 60 miles of 17.5 million people with an average household income of more than $99,000. There is also a large supply of nearby labor and proximity to the ports.

CBRE’s Bret Quinlan, John Schumacher and Rick McGeagh are heading the leasing team for this assignment on behalf of CenterPoint, an owner of state-of-the-art warehouse, distribution and manufacturing facilities. CenterPoint is in the process of completing an extensive repositioning to upgrade the space, including installing a new ESFR Sprinkler system, adding truck positions, improving the large truck courts and delivering façade upgrades.

The Greater Los Angeles industrial market showed impressive occupancy gains throughout 2018, according to a CBRE research report. Proximity to the numerous airports and ports continues to draw e-commerce, distributors and cargo-centered sea-and-air users to the region. Strong market fundamentals and limited supply kept the market favoring landlords and rents rising. It is expected that occupancy gains will be steady throughout 2019 and approximately 1.7 msf of positive net absorption are anticipated next year, driven by port activity and online shopping.





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