Lynwood warehouse sells for $38 million

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Real estate developer Duke Realty bought the Century Distribution Center in Lynwood for $38 million, a property brokerage said Wednesday.

Indianapolis-based Duke acquired the 323,374-square-foot warehouse and distribution facility from LaSalle Investment Management, brokerage Cushman & Wakefield said.

The 14.6-acre distribution center next to the 105 Freeway at 2700 E. Imperial Highway was completed in 1999 and is leased to Ohio-based shipping company Pacer International.

The lower South Bay industrial real estate market has a vacancy rate of less than 5% and ‘institutional-grade properties are poised for significant rental rate escalation in the near future,’ said broker Jeffrey Cole of Cushman & Wakefield.

-- Roger Vincent