Liberty Property pays $93 million for Randolph Business Park in Commerce

The Pennsylvania-based REIT doubled its SoCal portfolio last year

Feb.February 06, 2018 10:35 AM
5959 Randolph Street and Erin Plourde

In Los Angeles’ tight industrial market, the Commerce suburb is becoming more popular.

Pennsylvania-based Liberty Property Trust paid $93 million for the Randolph Business Park at 5959 Randolph Street in Commerce, expanding its portfolio in Southern California. Blackstone also recently made an investment there.

The seller was Bentall Kennedy and CalPERS, according to Real Capital Analytics property records. The joint venture has owned the 400,170-square-foot property since January 2014, when it paid $53.2 million for it.

Mike Condon Jr. of Cushman & Wakefield and Zac Sakowski of JLL represented Liberty in the latest sale.

The property is fully leased to OnTrac, a logistics company specializing in shipping services.

Liberty Trust’s Southern California portfolio now includes 3.7 million square feet. It paid $94 million for a 702,670-square-foot building in Rialto in December, just a month after dropping $46 million on a 210,710-square-foot site in Carson, according to the release.

The company will be joining Blackstone Group, which has made inroads in Commerce recently. The private equity giant paid $42 million to Magellan Group earlier this month to acquire the former Kroger distribution center known as Commerce Business Center at 5811 – 5833 East 61st Street.

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