Cushman & Wakefield announced today that it served as the exclusive advisor to CG-LINA Paperbox, LLC and Western Realco in the sale of Randolph Business Center, a 400,169-square-foot, 100% net-leased warehouse distribution facility. The property was purchased by Bentall Kennedy, a real estate investment advisor.
“This sale allowed the buyer to acquire a rare institutional-quality asset in the prime Central Los Angeles County industrial submarket, which has a vacancy rate of 3.8%,” said Jeff Chiate, executive director at Cushman & Wakefield. “The Southern California industrial market continues to be the most sought after market in the nation by institutional investors.”
The seller was represented by Jeff Chiate, Jeffrey Cole and Ed Hernandez from C&W’s Irvine office and John McMillan and Jeff Sanita from C&W’s South Bay office.
The property, located at 5959 Randolph Street in Commerce, is situated on 16.5 acres and located in one of the most desirable industrial markets in the nation. It is fully leased to OnTrac, a major regional shipping provider, and serves as one of the tenant’s most critical operations facilities on the West Coast.