Rexford pays $340M for 2 industrial parks

Whittier and Sylmar properties in LA County are a combined 1 million square feet

Los Angeles /
Nov.November 23, 2020 12:00 PM
Howard Schwimmer and Michael S. Frankel with 3629-3963 Workman Mill Road (top) and 13943-13955 Balboa Boulevard (Google Maps)
Howard Schwimmer and Michael S. Frankel with 3629-3963 Workman Mill Road (top) and 13943-13955 Balboa Boulevard (Google Maps)

Rexford Industrial Realty has picked up a pair of Los Angeles County industrial properties — one in Whittier and another in Sylmar — for a combined $339.2 million.

The investment adds 1.1 million square feet to Rexford’s substantial Southern California portfolio and nearly doubles its total acquisition volume for the year to $729.3 million, according to a company release.

The major property is Whittier’s Gateway Pointe Industrial Campus at 3629-3963 Workman Mill Road. Rexford paid $296.6 million for the 989,000-square-foot industrial park, or $300 per square foot. The property total 45 acres.

It is 100 percent leased, and Rexford estimates rents are 21 percent below market rate. The deal all cash deal was done with 1031 exchange funds.

Rexford also paid $42.6 million — $212 per square foot — for 13943-13955 Balboa Boulevard in Sylmar. That 200,000-square-foot building is also 100 percent occupied by three tenants. Rexford estimates rents are 19 percent below market rate. The property encompasses 10.5 acres. It is Rexford’s second acquisition in Sylmar in recent weeks.

Rexford is one of Southern California’s most active industrial investors. By this time last year, the firm had spent more than $850 million on acquisitions.

Industrial real estate is one of the very few property sectors that’s had a good year during the pandemic. The Southern California market, and Los Angeles in particular, has also been strong.

Where vacancy is up sharply in most other categories, vacancy for industrial space hovered around 2.6 percent in the third quarter, barely up from a year prior. Imports are up at the Port of Long Beach and average leasing prices for industrial space is up 2.2 percent year-over-year.


Related Articles

arrow_forward_ios
BLT Enterprises founder Bernard Huberman dies at 65
Bernard Huberman, who built a 3M-sf property portfolio, dies
Bernard Huberman, who built a 3M-sf property portfolio, dies
Rexford Industrial Realty Co-CEOs Howard Schwimmer and Michael S. Frankel (Rexford)
Korean makeup manufacturer inks 100K sf sublease
Korean makeup manufacturer inks 100K sf sublease
Rexford Industrial Co-CEOs Howard Schwimmer and Michael S. Frankel and Lief Labs CEO Adel Villalobos with a rendering of the project (Rexford, Lief Labs)
Dietary supplement maker expands warehouse space in Valencia
Dietary supplement maker expands warehouse space in Valencia
Elon Musk and 19640 Cajon Boulevard (Alere Property Group, Getty)
Tesla drives into San Bernardino with big warehouse deal
Tesla drives into San Bernardino with big warehouse deal
Development is accelerating since a brief slowdown brought on by the pandemic (Getty)
Demand for logistics space drives LA’s industrial boom
Demand for logistics space drives LA’s industrial boom
Stanley Point's Kevin Stanley and Bain Capital Real Estate's Andrew Terris with the property (Google Maps, Stanley, Bain)
Staley Point and Bain buy Torrance industrial facility for $34.5M
Staley Point and Bain buy Torrance industrial facility for $34.5M
Goodman Group CEO Gregory Goodman with renderings of the facility (Goodman, Relativity Space)
Goodman signs spaceflight startup to 1.3M-sf former Boeing site
Goodman signs spaceflight startup to 1.3M-sf former Boeing site
The Box Yard property and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Box Yard LA. Rexford Industrial)
Rexford pays $94M for Arts District industrial park
Rexford pays $94M for Arts District industrial park
arrow_forward_ios

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

Loading...