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Charles Dunn sells Peck Center in City of Industry
Morgan Stanley acquired the 300K sf property for $51M
The Charles Dunn Company sold the 300,000-square-foot Peck Center complex in the City of Industry for $51 million, securing a tidy profit after holding it for nearly 20 years.
Morgan Stanley Private Wealth Management acquired the industrial park and office campus through two entities linked to the SunAmerica Center address of its Weber Chang Group.
The three-building complex is divided into 29 structures, ranging from 3,000 square feet to 34,000 square feet, according to marketing material from Colliers International, which also referred to the property as Peck Centre at 605. The property is sandwiched between Interstate 605 and the Route 60.
L.A.-based Charles Dunn purchased the Peck Center for $3.2 million in 2001 through the Inimco Corporation.
The City of Industry is a 12-mile-long, snake-like jurisdiction that mostly runs along Route 60. It has just 60 residences and 200 residents, and is almost entirely comprised of industrial properties.