CenterPoint Properties recently purchased 9 acres in Los Angeles from Signal Hill Petroleum, a privately owned California-based energy company. The property is located at 2550 Orange Ave. in Signal Hill.

Once an abandoned driving range, the land will soon be home to a new distribution center. CenterPoint plans to redevelop the property to include a 100,147-square-foot warehouse facility featuring 17 dock-doors and 73 trailer parking stalls.

The land is situated in the center of an industrial market near the ports of Los Angeles and Long Beach. The sale speaks to the ever-increasing demand for quality class-A industrial space in the market, particularly for hard-to-find sites with 5 or more acres.

Kidder Mathews’ Tom Holland, Justin Dornblaser and Alex Matar represented CenterPoint in the transaction and were the only brokers involved.

“We’re seeing almost 0 percent vacancy coupled with unprecedented rent growth and land values. The largest increases have occurred within the last four months and are expected to continue in the near term,” said Holland.