CenterPoint Sells Central Valley Asset for $85M
CenterPoint Properties has sold a 935,120-square-foot industrial facility in Lathrop, Calif., with the assistance of Colliers. A private investor paid $85 million for the asset.
The property debuted in 2003. Four years later, Home Depot became its sole tenant, opening a distribution center that operates to this day.
Located on 49 acres at 18100-18300 Harlan Road, the building is roughly 12 miles south of downtown Stockton, Calif. The San Joaquin County property is just east of Interstate 5 and north of Highway 120.
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The facility features 13,500 square feet of office space and clear heights of 32 feet, as well as one drive-in door and 188 exterior docks. Parking arrangements include 351 car and 307 trailer spaces.
Colliers Vice Chair Michael Kendall, Vice President Kenny Patricia and Associate Kylie Jones, together with Senior Vice Presidents Gian Bruno and Nick Mascheroni, led the team representing the seller. Executive Managing Director, Vice Chair Michael Goldstein, Vice Chairs Ryan McShane and Greg O’Leary, as well as Executive Vice Presidents Alex Hoeck and Wes Widmer, were also instrumental in the deal.
As of March, CenterPoint owned 308 facilities encompassing nearly 63 million square feet of industrial space, according to the company’s website. One of its holdings is a 976,954-square-foot property in Joliet, Ill., that was recently leased in its entirety by a 3PL firm.
Northern Central Valley industrial market’s sluggish 2024
The industrial real estate investment in Northern Central Valley comprised only four transactions involving assets measuring at least 75,000 square feet throughout 2024, according to a report by Colliers.
Net absorption clocked in at 2.6 million square feet for last year, marking the lowest figure recorded in the past nine years, the report shows. The market’s vacancy rate stood at 8.3 percent in December—up 30 basis points year-over-year.
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