Liberty Property Trust Acquires Industrial Property From CalPERS For $93M

The industrial property located at 5959 Randolph Street in Commerce, California, was recently sold in a transaction amounting to $93 million. This property, part of the Randolph Business Park, spans a total of 400,170 square feet and was acquired by Pennsylvania-based Liberty Property Trust from the sellers Bentall Kennedy and CalPERS.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $93,000,000.00
• Address: 5959 Randolph St, Commerce, CA
• Buyer: Liberty Property Trust
• Seller: CalPERS
• Square Footage: 400,170

Mike Condon Jr. from Cushman & Wakefield and Zac Sakowski of JLL played pivotal roles in facilitating the sale of the Randolph Business Park. The joint venture formed by Bentall Kennedy and CalPERS, the previous owners of the property, had acquired it in January 2014 for $53.2 million. The recent acquisition by Liberty Property Trust signifies their strategic expansion in Southern California, amidst a growing interest in the Commerce suburb within Los Angeles' vibrant industrial market.