Rexford’s latest industrial buy adds to mammoth LA collection

The REIT spent nearly $500M on industrial properties in 2018

Los Angeles /
Jan.January 02, 2019 09:00 AM
Rexford sold off a Gardena property and bought up another in Industry

Rexford Industrial Realty squeezed in two year-end deals at the end of 2018, picking up a big warehouse in the City of Industry and selling off a Gardena property.

Rexford has been on a tear in the last few years, scooping up properties around the Los Angeles and parts of Southern California. It bought more than a dozen properties last year alone, paying nearly half a billion dollars in acquisition, according to a company statement.

Most recently, the Westside-based real estate investment trust paid TheoPacific Corporation $19.5 million for the City of Industry property, according to the Los Angeles Business Journal. The 149,000-square-foot warehouse is located at 14421-14441 Bonelli Street.

The warehouse, which is fully leased, is on a six-acre site and has 16 dock positions.

In a statement, Rexford said it could renew the lease with the current tenant or look for a new tenant at a higher rate, given the current rents are below market-rate. The building is designed for two tenants.

The Gardena properties are located at 311-329 E. 157th Street and were sold to owner-occupants.

Rexford’s biggest purchase of 2018 was a 36-acre distribution center in Commerce the firm paid $121 million for in May. In July, Rexford picked up a San Fernando Valley warehouse for $22.5 million. Then in November it spent $40.3 million for two properties in Carson and Carlsbad. [LABJ] — Dennis Lynch


Related Articles

arrow_forward_ios
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
15301 Springdale Street and Crown Associates president Mitchell Bloom. (LinkedIn, CBRE)
SARES REGIS sells Orange County warehouses to Crown Associates for $35.3 million
SARES REGIS sells Orange County warehouses to Crown Associates for $35.3 million
Rexford Industrial Co-CEO Howard Schwimmer and the property (Rexford, Zillow)
Rexford Industrial co-CEO pays $17M for Brentwood home
Rexford Industrial co-CEO pays $17M for Brentwood home
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
arrow_forward_ios

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

Loading...