LYNWOOD, CA-Duke Realty Corp. has acquired the 323,374-square-foot Century Distribution Center from LaSalle Investment Management for $38 million, according to Cushman & Wakefield, which arranged the sale. The buyer and the seller were both represented by Cushman & Wakefield Capital Markets professionals Jeff Chiate, Jeffrey Cole, Ed Hernandez and Rooney Daschbach, with Steve Springer of Grubb & Ellis providing market consultancy.

Built in 1999, Century Distribution Center is 100% occupied in a triple-net lease to Pacer International. The property, set on 14.64 acres, is adjacent to the 105 Freeway near the 710 Freeway interchange, close to the Ports of Los Angeles and Long Beach.

“We were very pleased with the extremely strong demand for Century Distribution Center with the belief that institutional-grade properties are poised for significant rental rate escalation in the near future,” Cole said in a statement regarding the sale. Cole, a Cushman & Wakefield executive director based in the firm’s Orange County office, added: “The buyer also benefits from a strong credit tenant in a very strong, low-vacancy South Bay market.”