Rexford adds 600K sf to industrial portfolio in Inland Empire

SoCal giant paid $129M in cash deal for sprawling properties

Los Angeles /
Dec.December 15, 2020 12:15 PM
Howard Schwimmer and Michael S. Frankel (Rexford, iStock)
Howard Schwimmer and Michael S. Frankel (Rexford, iStock)

Rexford Industrial Realty added another four properties encompassing 30 acres in Inland Empire, adding to its considerable Southern California holdings.

The Brentwood-based firm paid $129.4 million in an all cash deal for the properties that total 632,000 square feet, according to the Los Angeles Business Journal.

The buildings are all new construction Class A properties, which are sought after for logistics use for their design and high ceilings.

A 237,000-square-foot property in Fontana is the largest of the four. The others are a 156,500-square-foot complex in Rialto, a 139,000-square-foot property in Montclair, and a 100,000-square-foot facility, also in Fontana.

Together, they are now 63 percent leased. Rexford plans to lease up the vacant space.

The portfolio deal is Rexford’s third acquisition since November, when it picked up a 140,000-square-foot property in the San Fernando Valley from Oaktree Capital and Intertex Companies.

Later that month, Rexford paid $340 million for a pair of industrial parks in Whittier and Sylmar.

The industrial sector was already the strongest sector in L.A. before the pandemic took hold, and recovered over the last two quarters from a slowdown in the spring.

Vacancy was barely up year-over-year in the third quarter — at 2.6 percent — whereas vacancies are broadly up for other property types. Increased demand for logistics services during Covid, namely because of e-commerce, helped steady the sector. [LABJ] — Dennis Lynch 


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...