Rexford’s latest splurge: $107M for four new properties across SoCal
On heels of deal for Mitsuwa supermarket in Torrance
Rexford Industrial Realty continues to grow its portfolio of industrial real estate across Los Angeles and the Inland Empire.
The Los Angeles-based firm spent $107 million to acquire four industrial sites across L.A. and the Inland Empire in October and November, according to a Monday announcement.
In Los Angeles, Rexford bought an 8-acre site with a 119,000-square-foot building in Cerritos for $48.5 million, a 3.2-acre site in Commerce for $23 million, and a 2.3-acre industrial storage site in Santa Fe Springs for $8.1 million.
Further inland, the firm bought a 98,000-square-foot building in Corona for $27 million.
Rexford also bought a former Mitsuwa supermarket in Torrance for $19 million last month. It plans to redevelop the site with a 80,000-square-foot warehouse.
Rexford is planning to redevelop the Commerce site into two buildings totaling 92,800 square feet of distribution space, and will make renovations and improvements to the other sites.
In November, the company sold a 31,620-square-foot property in Pasadena for $11.7 million. The cash from the sale was used toward the purchase of the building in Corona.
Rexford used cash and 1031 exchange proceeds to fund its more recent buys, the firm added.
The firm has a further $300 million of acquisitions “under contract or accepted,” co-CEOs Howard Schwimmer and Michael Frankel said in a statement.
This year, Rexford has made some of the largest industrial buys in Southern California. The company bought an 80-acre industrial storage site for $217 million earlier this year and $182 million for a 575,000-square-foot complex in Torrance.