Rexford takes a flyer on Inglewood industrial
Hackman Capital sold 161K sf site currently used as aviation school near LAX
Rexford Industrial Realty is taking a flyer with its latest industrial acquisition, spending $32 million for a four-building aviation and technology school in Inglewood for $32 million, The Real Deal has learned.
The Brentwood-based industrial landlord bought the complex from Hackman Capital Partners, records show.
The four buildings total around 93,800 square feet and are located on a 161,171-square-foot plot of land. The deal comes to about $198 per square foot for the property’s land–or nearly $8.7 million per acre.
The site, zoned for light manufacturing and industrial uses, currently serves as a campus for Spartan College of Aeronautics and Technology. It includes a three-story office building for classrooms, two hangars and another small building for classrooms.
Rexford has bought a number of older industrial complexes in recent months, with plans to renovate them into Class A buildings once leases expire. In December, the firm spent $95 million to purchase four properties across Los Angeles County, Orange County and the Inland Empire.
The firm has also bought older office buildings with industrial zoning with eventual plans to redevelop them. It’s unclear whether Rexford will keep some hangars and renovate the site once leases expire or demolish the buildings entirely. Rexford did not immediately respond to a request for comment.
Located at 8911 Aviation Boulevard, Rexford’s recent purchase is located less than two miles from Los Angeles International Airport (LAX) and the 405 Freeway, according to Hackman Capital’s website, making it ideal for last-mile distribution.
Rexford has a number of properties in the South Bay. In August, the firm paid $183 million for a five-building complex in Torrance, the majority of which is leased to defense contractor L3 Harris.