The Malvern, Pa.-based real estate investment trust, Liberty Property Trust, has acquired the 400,000-square-foot Randolph Business Center at 5959 Randolph St. in Commerce for $92.7 million, or nearly $232 a square foot, from CalPERS and Seattle, Wash. investment manager Bentall Kennedy, according to CoStar Group Inc.
The fully-leased Class A industrial property was built in 2009 and contains 59 docks and 233 parking spaces, according to CoStar Group Inc.
The Randolph Business Center acquisition is Liberty’s first in central Los Angeles County, said Erin Plourde, vice president of acquisitions at Liberty Property Trust, in a statement.
“It provides another link in the chain we are building from the Ports of Los Angeles and Long Beach to the Inland Empire,” Plourde said.
Liberty has almost doubled its Southern California presence over the past 12 months, including $176.3 million last year in acquisitions, including properties in Carson, Redlands and Rialto. Its portfolio now includes 3.7 million square feet, the company said.
Mike Condon Jr. of Cushman & Wakefield and Zac Sakowski of Jones Lang LaSalle Inc. represented Liberty in the purchase.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.