Rexford buys two industrial sites in SoCal
for $40M

Carson location comes with 5-year lease renewal

Los Angeles /
Nov.November 14, 2018 10:15 AM
263-321 East Gardena Boulevard with Michael S. Frankel (top) and Howard Schwimmer

Rexford Industrial Realty, an aggressive player in the industrial space this year, scooped up two more properties in South L.A. and Carlsbad.

Rexford, based in Los Angeles, said Monday that it had purchased two industrial properties for $40.3 million, using cash on hand.

The first, at 321 E. Gardena Boulevard in Carson, sold for $16.1 million, or $68 per land square foot. In a press release, Howard Schwimmer and Michael Frankel, co-CEOs of the firm, said the site is a 100-percent leased warehouse and container storage facility with access to multiple freeways, the Ports of Los Angeles and LAX.

The single tenant – Western Freight Carrier, Inc. – comprises 55,238 square feet on 5.41 acres, including excess land for container storage. After the transaction closed, the trucking operator signed a new five-year lease.

The vacancy rate in the South Bay submarket was 1 percent at the end of the third quarter, according to CBRE.

The second property is in Carlsbad at 6131 and 6133 Innovation Way. Rexford purchased two new buildings with 14,600 square feet on 8.3 acres for $24.2 million, or $211 per square foot. It has two tenants, and is 72 percent occupied.

The vacancy rate in the San Diego – North County submarket was 4.7 percent at the end of the third quarter, CBRE said.

Rexford has been on a buying binge through most of the year, recently picking up 122,000 square feet in the San Fernando Valley for $22.5 million, and a 36-acre food distribution center in Commerce for $121 million in May.


Related Articles

arrow_forward_ios
Prologis CEO Hamid Moghadam and 1920 West Baseline Road (Google Maps)
Prologis signs digital services firm to sprawling warehouse lease in Inland Empire
Prologis signs digital services firm to sprawling warehouse lease in Inland Empire
Rexford’s Howard Schwimmer and Michael S. Frankel with 2034-2040 East 27th Street (Google Maps)
Rexford fills holiday basket with another warehouse portfolio
Rexford fills holiday basket with another warehouse portfolio
Howard Schwimmer and Michael S. Frankel (Rexford, iStock)
Rexford adds 600K sf to industrial portfolio in Inland Empire
Rexford adds 600K sf to industrial portfolio in Inland Empire
Howard Schwimmer and Michael S. Frankel with 3629-3963 Workman Mill Road (top) and 13943-13955 Balboa Boulevard (Google Maps)
Rexford pays $340M for 2 industrial parks
Rexford pays $340M for 2 industrial parks
Golden Springs Business Center
Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high
Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high
Heather Crossner and the site (Credit: Google Maps)
Bridge Development plans distribution center outside Torrance
Bridge Development plans distribution center outside Torrance
Daniel J. Moore and the site (Credit: Rockefeller Group)
Rockefeller Group snags Inland Empire site for logistics centers
Rockefeller Group snags Inland Empire site for logistics centers
Chris DeWitt, and the property (Credit: Google Maps)
Made Goods furniture wholesaler inks giant lease in City of Industry
Made Goods furniture wholesaler inks giant lease in City of Industry
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...