A rare 14-acre industrial development site in Long Beach, California, has traded hands. Plains All American Pipeline sold the property for $50.7 million to an undisclosed buyer.

Located at 5900 Cherry Avenue in Long Beach, the 14-acre property can accommodate a 304,432-square-foot industrial property. The buyer plans a state-of-the-art property featuring 36-foot minimum clear heights, ESFR sprinkler systems, ample truck courts and significant excess trailer parking.

It is rare for new buildings of this caliber and size to come to market in the South Bay. According to research from Newmark, the Los Angeles industrial has the second-lowest industrial vacancy rate in the U.S., at 1.1% as of year-end and the vacancy rate has been below 3% for 39 consecutive quarters. This property is centrally located near 18 million consumers, plus access to the Long Beach Airport and the I-405, I-605 and I-710 freeways.