Rexford rounds out 2021 with push toward $2B

Industrial landlord moves amount to 650K sf in eight December deals

Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael Frankel with 2391-2393 Bateman Avenue (Rexford Industrial Realty, Google Maps)
Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael Frankel with 2391-2393 Bateman Avenue (Rexford Industrial Realty, Google Maps)

Talk about your holiday shopping spree.

Rexford Industrial Realty spent $270 million in December to add more than 650,000 square feet of industrial space across Los Angeles, Orange County and the Inland Empire, the company announced on Monday.

Rexford purchased eight properties — two in the City of Industry, two in the South Bay and single properties in Los Angeles, Irwindale, Anaheim and Corona.

The deals bring Rexford’s total spending on acquisitions last year to $1.9 billion. Rexford spent the most on any single industrial deal in the region last year with its $182 million purchase of a 576,000-square-foot industrial complex in Torrance.

The biggest chunk of its latest round of deals also came in Torrance, where it spent $75.3 million for a 307,000-square-foot industrial building at 4240 West 190th Street, which came out to around $149 per square foot. Rexford plans to redevelop the 11.6-acre site into a new logistics facility once current leases expire.

Rexford’s purchase in the Glassell Park district of Los Angeles was the most expensive deal in terms of price per square foot. The company paid $43 million for a 117,000-square-foot industrial building at 2800 Casitas Avenue — around $368 per square foot.

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The firm plans to renovate that property into a last-mile warehouse and distribution facility.

Rexford bought a 100,000-square-foot property in the South Bay area immediately adjacent to LAX for $32 million, and a 65,600-square-foot Class A facility in San Gabriel Valley municipality of Irwindale for $23 million.

Slightly to the east, in the City of Industry, the firm purchased a 111,900-square-foot building through a sale-leaseback deal for $28.6 million and a 56,900-square-foot building at 1020 Bixby Drive for $16.4 million.

Rexford didn’t limit its shopping to existing properties. In Orange County, the firm bought a 4.9-acre land site at 3071 East Coronado Street in Anaheim for $28 million, where it plans to build a 106,900-square-foot building.

In the Inland Empire, Rexford bought a 79,500-square-foot building at 1168 Sherborn Boulevard in Corona for $23.4 million.

Rexford’s momentum has been fueled by continuing demand for industrial real estate and shrinking vacancy rates across Southern California.

And it isn’t done–the firm said in a statement it has $400 million of additional investments “under contract or accepted offer” and is planning “a broad range of internal growth initiatives.”

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