Liberty Property Trust paid $92.7 million for a fully leased 400,169-square-foot industrial building at 5959 Randolph St. in Commerce, Calif.
In 2017, the industrial-focused real estate investment trust spent a total of $176.3 million on property acquisitions and developments in Southern California, where it now holds a portfolio spanning 3.7 million square feet across 16 buildings, according to the release.
Cushman & Wakefield and JLL represented the company in the latest transaction.
Additionally, the company noted that it is on track to wrap up its first industrial development project in Redlands, Calif., a 156,263-square-foot building at 9724 Alabama St. Completion is slated for the first quarter of 2018.
