RANCHO DOMINGUEZ, CA—CenterPoint Properties Trust has purchased the industrial building at 2883 E. Victoria St. in Rancho Dominguez, Calif.  for an undisclosed sum. The 123,199-sq.-ft. property, which was previously owned by Big Tree/Big Sleep, will be repositioned from manufacturing to distribution.

“CenterPoint’s vision is to convert the facility to meet increased demand from port-related tenants,” said Cushman & Wakefield’s Steve Bohannon, in a statement.

Big Tree/Big Sleep occupies the building to manufacture futons. The company will continue in the space on a short-term leaseback. CenterPoint hopes to convert the property for distribution use by mid-2013.

“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.”

Steve Bohannon, Rooney Daschbach and Rusty Smith of the Los Angeles-South office of Cushman & Wakefield, represented the buyer.