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INLAND EMPIRE NEWS
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Liberty Property Trust Pays $92 Mil for 400k sf Industrial Facility in City of Commerce

2/07/18

Liberty Property Trust has purchased a 400.1k sf industrial building in the City of Commerce for $92.7 mil, or about $232/sf. The facility, located at 5959 Randolph St, east of the 710 Fwy and south of Slauson Ave, is fully leased.

Liberty was represented on the transaction by Mike Condon, Jr. of Cushman & Wakefield and Zac Sakowski of JLL.

Erin Plourde, Vice President – Acquisitions for Liberty Property Trust, commented, "This particular acquisition is our first in Central Los Angeles. It provides another link in the chain we are building from the Ports of Los Angeles and Long Beach to the Inland Empire."

Plourde noted that in total, Liberty has nearly doubled its footprint across Southern California in the last year while maintaining 100% occupancy in the portfolio. The company invested a total of $176.3 mil in 2017 in acquisitions and development in Southern California, and the portfolio now includes 3.7 msf.

Liberty closed on the acquisition of three other industrial buildings at the end of 2017. They include:

• December: Liberty acquired a 702.7k sf Class A building at 1221 N. Alder Ave in Rialto for $94.2 mil. The just-completed state-of-the-art building features 40-foot clear heights; a first for Liberty in Southern California. It is fully leased with a long term agreement. Darla Longo, Barbara Emmons Perrier and Rebecca Perlmutter of CBRE represented the Seller in this transaction.

• November: The company closed on a 210.7k sf building at 16325 Avalon Blvd in Carson for $46.3 mil. Built in 2012, the Class A, LEED® certified warehouse and distribution center offers 12 dock-high doors, ample trailer and car parking and excellent access to five major arteries including the 91, 110, 405, 705 and 105 Freeways. Mike Condon, Jr. of Cushman & Wakefield and Zac Sakowski of JLL represented Liberty in the Carson transaction.

• In late September, Liberty purchased a fully occupied, 149.7k sf industrial building at 2459 Almond St in Redlands. The acquisition sits on 7.2 acres of land at the southeast corner of Mountain View Ave, affording easy access to Interstate 10. Colliers represented the seller in this transaction.

In addition to the acquisitions, the company is completing its first industrial development project in the market, a 156.3k sf building at 9724 Alabama St in Redlands. The building is designed to meet LEED® certification. Completion is anticipated for the first quarter of 2018.

Located at the corners of Alabama St and San Bernardino Ave, the building will include office and finished mezzanine space. It is designed with 32-foot clear height and 54 x 50-foot column spacing, 26 dock doors and one grade-level door. A dedicated 164-foot truck court and 93 car parking spaces are included. The location is particularly attractive as it offers access to the I-10, I-210 and I-215 Freeways.

Liberty's Southern California portfolio now includes 16 buildings offering 3.7 msf of industrial properties in Carson, Fontana, Gardena, Garden Grove, Hawthorne, Moreno Valley, Ontario, Redlands, Rialto, San Fernando and Simi Valley.






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