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Rexford Industrial pays over $200M for South Bay property
Firm also bought 2 Inland Empire warehouses to continue steady pace
Rexford Industrial Realty continues to add to its portfolio of industrial properties across Southern California, capitalizing on the e-commerce boom and extremely low vacancy rates.
For its latest deal, the company paid close to $300 million for three industrial properties in Los Angeles’ South Bay and Inland Empire.
The firm paid $217 million for an 80-acre industrial storage site at 2500 East Victoria Street in Rancho Dominguez, it said. That makes it among the biggest industrial sales in the L.A. region this year.
The other two properties are in Ontario: Rexford paid $54 million for a 360,000-square-foot building at 5772 Jurupa Street, and $14.5 million for a 61,800-square-foot complex.
All three properties are fully-leased.
Zenith Energy sold the Rancho Dominguez complex. The petroleum storage operator bought the site last year from Plains All American. Rexford used cash from the sale of a 71,600-square-foot property in Carlsbad to fund the Rancho Dominguez property acquisition.
Rexford bought the larger Ontario site from Irvine-based J.W. Mitchell Company. Rexford said rents for that property are about 40 percent below market. It plans to raise rents for renewing tenants or renovate the property and lease it to new firms. The firm could not be reached for comment. The seller could not be reached for comment.
The other site in Ontario was previously owned by LLCs linked to Robin Williams Tippett in Newport Beach, records show.
Other recent large industrial sales include Oxford Properties’ purchase of a 119-acre life sciences and industrial hub in Santa Clarita for $133.5 million.
Rexford closed made the most expensive deal last year, buying a 45-acre industrial park in Whittier for $297 million.