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The Real Deal Los Angeles

Rexford’s latest industrial buy adds to mammoth LA collection

The REIT spent nearly $500M on industrial properties in 2018
January 02, 2019 09:00AM

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