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
From left: Juanita’s Foods' Mark De La Torre, Duke Realty's James Connor, and Juanita’s Foods' Aaron De La Torre with 645 George De La Torre Jr
Duke Realty buys food processing plant near ports for $171M
Duke Realty buys food processing plant near ports for $171M
Duke Realty's James Connor (Duke Realty, Getty, Google Maps)
Duke Realty shells out nearly $100M for empty land in the Inland Empire
Duke Realty shells out nearly $100M for empty land in the Inland Empire
Preylock’s Brett Lipman and an Amazon warehouse at 12945 Ladera Drive NW in Albuquerque, New Mexico (Getty, Linkedin, Amazon.com, Inc./Public domain/via Wikimedia Commons)
LA investment firm Preylock scores $581M loan for Amazon-leased warehouses
LA investment firm Preylock scores $581M loan for Amazon-leased warehouses
Los Angeles County Assessor Jeff Prang (Los Angeles County Office of the Assessor, Getty Images)
Assessor: LA County property value hits record $1.9T
Assessor: LA County property value hits record $1.9T
Rexford's Howard Schwimmer and Michael Frankel with 6000 and 6027 Bandini Boulevard (Rexford Industrial Realty, Google Maps)
Mexican banking heir sells Commerce industrials to Rexford for $92M
Mexican banking heir sells Commerce industrials to Rexford for $92M
Prologis ceo Hamid Moghadam and DHL Supply Chain ceo Oscar de Bok with 5351 Jurupa Street (Prologis, Supply Chain Digital, Loopnet, Illustration by The Real Deal with Getty)
Prologis lease doubles Inland Empire footprint for supply chain firm
Prologis lease doubles Inland Empire footprint for supply chain firm
Joyce Eisenberg Keefer of the The Ben B. and Joyce E. Eisenberg Foundation and an aerial of the Sherman Way Industrial Center (Getty, Google Maps)
Eisenberg Foundation sells NoHo industrial park for $37M
Eisenberg Foundation sells NoHo industrial park for $37M
Jamie Dimon with 5555 Jurupa Street (Loopnet, Getty)
JPMorgan makes Inland Empire’s biggest Q2 industrial buy for $180M
JPMorgan makes Inland Empire’s biggest Q2 industrial buy for $180M
arrow_forward_ios

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

Loading...