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Rexford pays $94M for Arts District industrial park
4-building complex includes 261K sf
One of Southern California’s biggest industrial investors is expanding its footprint in Los Angeles, where the sector continues to thrive.
Rexford Industrial Realty paid $94 million for a four-building industrial park in the Arts District.
Rexford acquired the 261,528-square-foot Box Yard property from Bridge Industrial. Newmark handled the sale and announced the deal on Monday.
The complex at 2445-2560 E. 12th Street is 94 percent leased to textile manufacturers and clothing retailers, including styling firm DailyLook and online clothing wholesaler 2NE1 Apparel.
Chicago-based Bridge bought the industrial park for $68 million from Atlas Capital Group in 2019, records show. Bridge recently signed five tenants to the building in the last six months.
The Arts District has had a flurry of investment activity and plans in the last few months. SteelWave paid $80 million for a creative office complex in May and Continuum Partners proposed a $2 billion mixed-use development with 1,500 residential units and a hotel.