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The Real Deal Los Angeles

Rexford Industrial buys Inglewood FedEx building for $54M

The property is fully leased to FedEx until 2031
December 08, 2017 11:00AM

687 N. Eucalyptus Ave, Inglewood CA (Credit: JLL)

Rexford Industrial Realty has scooped up the 143,400-square-foot industrial building home to FedEx at 687 N. Eucalyptus Avenue in Inglewood sold for $53.9 million — or $376 per square foot, CoStar reported.

The property’s sellers were MetLife, Inc. and Panattoni Development Company, Inc., which jointly acquired the site in December 2015 for $7.4 million.

FedEx fully leased the customized building in 2016 and will stay on as the main tenant until 2031.

Cushman & Wakefield’s Kelli Snyder, Michael Condon, Edward Hernandez and Mike Adey had the listing. Rexford’s in-house brokers represented the investment trust.

Rexford is continuing to nab industrial properties on the heels of its massive $211 million acquisition of a six-building campus in Compton, marking the South Bay’s biggest sale in nearly 13 years. The company owns over 136 properties in Southern California with about 15 million rentable square feet and manages 19 properties with approximately 1.2 million rentable square feet, according to its website. [CoStar] – Natalie Hoberman