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Liberty Property Trust buys Calif. industrial asset for $93M

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Liberty Property Trust buys Calif. industrial asset for $93M

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.