Cushman & Wakefield today announced the $38 million sale of the Century Distribution Center, a 323,374-square-foot prime warehouse and distribution facility in southern Los Angeles County's prestigious South Bay market. The buyer was Duke Realty Corp. The seller was LaSalle Investment Management.
Cushman & Wakefield Capital Markets professionals Jeff Chiate, Jeffrey Cole, Ed Hernandez and Rooney Daschbach represented both parties in the transaction, Grubb & Ellis's Steve Sprenger provided market consultancy.
Built in 1999, Century Distribution Center is 100 percent occupied in a triple-net lease to Pacer International. The property, set on 14.64 acres, is well located directly adjacent to the 105 Freeway near the 710 Freeway interchange, with proximity to the Ports of Los Angeles and Long Beach.
We were very pleased with the extremely strong demand for Century Distribution Center with the belief that institutional-grade properties are poised for significant rental rate escalation in the near future," said Mr. Cole, Cushman & Wakefield executive director based in the firm's Orange County office. The buyer also benefits from a strong credit tenant in a very strong, low-vacancy South Bay market.
According to Cushman & Wakefield, the Low South Bay market currently has a vacancy rate for industrial property of less than 5 percent. The location benefits from its proximity to the ports of Los Angeles and Long Beach. Century Distribution Center also benefits from the very limited availability of comparable large class-A industrial properties in the South Bay.