Rexford Industrial Properties continues to swallow up Southern California warehouse space.
Four new acquisitions totals 456,000 square feet for the Westside firm, according to REBusiness Online. The firm paid $84.5 million for the properties, according to the report.
The largest of the four is a 257,000-square-foot warehouse at 13890 E. Nelson Avenue in Industry. Rexford paid $41.8 million for the property. The selling entity leads back to Colony Capital’s Downtown L.A. office.
The other properties are south of L.A. County. They are: a 92,600-square-foot building in Orange fully leased to three tenants and purchased for $18 million; a 106,300-square-foot property in Carlsbad with 70 percent occupancy, and purchased for $16.8 million; and a 45,700-square-foot space in San Marcos, acquired for $7.9 million.
The industrial sector has performed well over the last few years, and it’s particularly strong in Southern California. The market plateaued somewhat at the end of last year, but strong demand from e-commerce, distribution businesses and the need for data centers is expected to boost activity this year, experts say.
Rexford has been one of the most active industrial investors in Southern California — last year it spent about half a billion dollars on more than a dozen industrial properties. It has not slowed its pace in 2019.
Earlier this month, Rexford paid $28.1 million for a 200,000-square-foot warehouse property near Downtown L.A. In January it paid $19.5 million for a warehouse in Industry.
The firm closed out 2018 with an acquisition and a sale, scooping an Industry warehouse for $19.5 million and selling off a Gardena warehouse to an owner-occupant. [REBusiness Online] — Dennis Lynch