Rexford goes from ethnic niche to generic industrial development in South Bay

Firm to put up new building with aim basic appeal to wide range of prospective tenants

Los Angeles /
Oct.October 28, 2021 08:00 AM
Rexford Industrial’s Co-Chief Executive Officer Michael Frankel and the Western Ave property (Rexford, Highland Partners)
Rexford Industrial’s Co-Chief Executive Officer Michael Frankel and the Western Ave property (Rexford, Highland Partners)

Rexford Industrial is planning to build an 80,000-square-foot warehouse at the former Mitsuwa Marketplace location in Torrance, the firm told The Real Deal.

The company, a public REIT that is focused on industrial properties in Southern California, bought the property, at 21515 Western Avenue, for $18.95 million. The firm closed on the acquisition on October 12, according to documents filed with the Securities and Exchange Commission. The planned one-story warehouse will replace a two-story, 56,199-square-foot retail property.

According to Patrick Schlehuber, Rexford’s executive vice president for investments, the property was leased in escrow to a short-term tenant. The firm has no long-term tenant lined up for the building, and is looking to construct a warehouse that would appeal to a wide range of industrial tenants.

“Our goal is to create a fairly generic building” with that goal in mind, Schlehuber said.

Rexford had a busy stretch of leasing and acquisition during the third quarter. According to its latest quarterly report, the firm closed 1.8 million square feet of leasing activity during the period. Rexford also acquired 13 properties that combine for about 2 million square feet of building space and 140 acres of outdoor storage sites. The acquisitions come to a total aggregate price of $880.5 million. One of its biggest deals during the quarter was for an 80-acre industrial storage site at 2500 East Victoria Street in Rancho Dominguez. The property changed hands in a $217 million deal.

The Torrance property is Its latest acquisition, located on a through-lot with frontage on both Western and Mullin avenues. The site previously housed the Torrance branch of Japanese grocery and food hall chain Mitsuwa Marketplace. The grocer has since moved its Torrance location to Simon Property’s Del Amo Fashion Center at 3525 West Carson Street.

Schlehuber declined to provide an estimate on construction cost for the project. The planned property is expected to be completed sometime in 2023.





    Related Articles

    arrow_forward_ios
    J.P. Morgan's Mary Callahan Erdoes and Water Garden at 1620 26th Street in Santa Monica (Getty, Water Garden LA)
    Water Garden asking price: $1.4B
    Water Garden asking price: $1.4B
    Diane Shammas and rendering of proposed Ford dealership (Pitzer College, Felix Chevrolet, Getty)
    Shammas family plans New Ford dealership in DTLA
    Shammas family plans New Ford dealership in DTLA
    Burnham Ward Properties' Bryon Ward, Bellwether Financial Group's Joe Ueberroth and R.D. Olson's Bob Olson with a rendering of the redeveloped Dana Point Harbor (Burnham Ward, Bellweather Financial Group, RDO Development, Dana Point Harbor Partners)
    OC developers unveil “coastal vintage” look for Dana Point Harbor
    OC developers unveil “coastal vintage” look for Dana Point Harbor
    Map of Bloomington Business Park, bordered by Santa Ana, Jurupa, Maple Avenue, Linden and Alder avenues, Bloomington (San Bernardino County, Getty)
    Howard Industrial wins OK for 213-acre industrial park in IE
    Howard Industrial wins OK for 213-acre industrial park in IE
    Onni Group President Rossano De Cotiis with renderings of 200 N. Long Beach Boulevard in Long Beach and 6091 W. Santa Monica Boulevard in Hollywood (IBI Group, Kilograph)
    Onni Group to replace apartments with hotel suites in Long Beach and Hollywood
    Onni Group to replace apartments with hotel suites in Long Beach and Hollywood
    Ratkovich Company's Brian Saenger and the West Harbor project (Ratkovich Company, West Harbor)
    Ratkovich JV scores $90M in energy and construction financing for West Harbor
    Ratkovich JV scores $90M in energy and construction financing for West Harbor
    Hoag's Robert Braithwaite with 16200 Sand Canyon Avenue ( Hoag Hospital Foundation, Getty)
    Hoag Hospital Irvine launches $1B expansion
    Hoag Hospital Irvine launches $1B expansion
    Commercial real estate, Anaheim, Angel Stadium, Angeles, Arte Moreno, Jose Moreno, stadium lease, team sale
    Anaheim may stick Angels with major stadium upgrade costs
    Anaheim may stick Angels with major stadium upgrade costs
    arrow_forward_ios

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

    Loading...