Investment trust Rexford Industrial Realty dished out $191 million last week for a nine-property industrial portfolio from CT Realty Investors. The biggest asset in the bunch is located in L.A.’s own City of Industry.
The 1.5 million-square-foot deal, which cost about $125 per square foot, was brokered by Darla Longo and Barbara Emmons of CBRE. The one L.A. County location, at 16425 East Gale Avenue in the City of Industry, is a 325,800-square-foot warehouse, the largest space in the deal.
The remaining eight properties are located in Orange County, Inland Empire West and Central San Diego.
“[CT] had built the portfolio over several years, and this was truly in their business plan,” Longo, vice chairman at CBRE, told GlobeSt.com. She said the firm would go on to buy Class A assets with its profits.
The entirety of Rexford’s newly acquired space is currently occupied by 12 tenants.
With its latest additions, Rexford owns and manages more than 140 properties. [GlobeSt] — Cathaleen Chen