The funding is a 10-year, fixed rate loan, according to Joseph N. Hevey of Holliday Fenoglio Fowler, which arranged the financing on behalf of the pension fund client. The client, who acquired the property from developer Sares-Regis, was advised by LaSalle Investment Management. Hevey says it is a permanent, interest only loan at a sub-7% rate.

Built in 1999, the property is named for its proximity to the Century Freeway, one of the newest freeways in Southern California. The building is 100% leased to Pacer International, a third-party logistics provider.

The distribution center is in the Alameda corridor sub-market of Los Angeles, so-named for a 20-mile transportation corridor running north to Los Angeles from the ports of Long Beach and Los Angeles, primarily along and next to Alameda Street. Economic development officials say that highway and rail improvements along the corridor in recent years should boost commercial development and speed the movement of goods from the ports to inland locations.