Industrial Park in South Bay Sold for $130 Million

The owners of one of the South Bay’s largest industrial parks--the Port Los Angeles Distribution Center--have sold the property for an estimated $130 million, according to people familiar with the deal.

A pension fund advisory firm identified as State Street Resources purchased the nearly 2-million-square-foot complex in San Pedro on behalf of one of its clients.

The seller was Gardena-based Overton Moore Properties, which developed the giant warehouse and distribution center in partnership with Pacific Coast Capital Partners of Los Angeles. The project’s first major tenant, Performance Teams Freight Systems of Compton, leased the 547,000-square-foot first phase of the project last year.

The second phase of the center, which occupies the site of a former petroleum tank facility, is expected to be completed by years’ end.