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Irvine, Calif.-based real estate investment firm LBA Realty has purchased the Los Angeles Food Center, a 266,400-square-foot cold storage facility on 10.6 acres in Vernon, Calif., for $57.8 million, according to CoStar Group Inc.

Los Angeles Food Center is adjacent to the Alameda Corridor, a 20-mile freight rail cargo expressway linking downtown Los Angeles to the ports of Los Angeles and Long Beach.

The facility, built in 1965, was recently renovated. It features 65 dock-high loading positions for trucks and is served by a 169-space parking structure.

“With consumers wanting fresher and higher quality food, the need for well-located and efficient cold storage is critical to the rapid movement of perishable product,” said Brett Dedeaux, president of Dedeaux Properties. “The size, location and functional layout of the Los Angeles Food Center allow users to streamline the truck loading and off-loading process to expedite last-mile distribution.”

The seller was a joint venture between Dedeaux Properties, a Commerce-based real estate developer, and Hartford, Conn.-based investment manager Barings Real Estate.