Rexford buys two industrial sites in SoCal
for $40M

Carson location comes with 5-year lease renewal

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

L.A. has lowest industry vacancy rate in country (Credit: iStock)

Megadeals still happening in squeezed LA industrial market

The project site (Credit: Google Maps)

New venture Staley Point Capital plans self-storage facility in LA Opportunity Zone

6277 E. Slauson Avenue, and from left: Prologis CEO Hamid Moghadam and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Credit: Google Maps)

Rexford buys industrial property from Prologis for $41M

NAI Capital Vice President of Research, Marketing, and Communications J.C. Casillas and the Port of Los Angeles (Credit: iStock)

LA’s industrial market may be at max capacity

Transwestern CEO Carleton Riser and the Inland Empire property

Inland Empire’s industrial reign continues as Transwestern buys massive Eastvale warehouse site

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

From left: Prologis CEO Hamid Moghadam, and Randall L. Stephenson, chairman and CEO of AT&T Inc, with the site

Industrial powerhouse Prologis picks up 11-acre property in Commerce

ASB CEO Robert Bellinger and Columbia Business Park

This industrial deal was one of the biggest acquisitions ever in Inland Empire