Rexford’s latest in South Bay brings 307K sf
Z/A Torrance Associates sold fully leased industrial complex
Rexford Industrial Realty is adding to its portfolio in the South Bay with the acquisition of a 307,487-square-foot industrial complex.
The Los Angeles-based industrial landlord bought the complex at 4240 West 190th Street in Torrance for $75 million, or around $245 per square foot, according to Newmark, which brokered the sale on behalf of the seller, Z/A Torrance Associates
Z/A Torrance Associates, which records show is linked to Rick Stephens of ZKS Real Estate Partners, bought the property in 1997.
The Class B property, built in 1966, is fully leased to two tenants — VIE Logistics and GP Johnson Company.
Newmark marketed the complex as an opportunity for redevelopment and renovation, though it’s unclear what Rexford intends to do with the property once the leases expire. Rexford did not respond to a request for comment.
At the end of 2021, industrial vacancy rates across Los Angeles hit 1.1 percent, which is the second-lowest rate across the U.S. behind the Inland Empire, according to Newmark.
Rexford is firmly in the trend.
The firm spent around $270 million in December to acquire eight properties totaling around 650,000 square feet of space.
The latest deal isn’t the first in Torrance for Rexford, which spent $182 million in August to buy a 575,000-square-foot complex at 3100 Lomita Boulevard and 3121 Skypark Drive.