Rexford buys newly built Santa Clarita complex

Firms completed 214K sf warehouse in 2021

Los Angeles /
Feb.February 15, 2022 02:30 PM
From left: Stockbridge Capital’s Terry Fancher and Sol Raso; Rexford Industrial Realty’s Howard Schwimmer and Michael Frankel (Stockbridge Capital, Rexford Industrial Realty, LoopNet)

Rexford Industrial Realty has bought a newly completed industrial warehouse in Santa Clarita.

The Los Angeles-based landlord spent $58.5 million on the 214,000-square-foot complex, or around $273 per square foot, property records show.

Located at 24903 Avenue Kearny, about 35 miles northwest of Downtown Los Angeles, the complex was completed in July 2021. Dedeaux Properties and Stockbridge Capital Partners bought the site for the development in 2020 for $28.4 million, according to property records. The firms obtained a $21 million upsized construction loan to renovate and remodel the project.

The property, which includes two stories of office space, is leased to an unnamed tenant, according to Dedeaux Properties’ website.

A prior facility on the site was leased to AmerisourceBergen until the drug wholesaler moved out in 2019, clearing the way for redevelopment.

The newly built facility is the latest in Santa Clarita for Rexford, which owns two industrial buildings totaling 139,000 square feet at 24935 Avenue Kearny, along with a 91,000-square-foot warehouse on Avenue Crocker and a 48,000-square-foot single-tenant building on Rye Canyon Road, according to its website.

Rexford has been on an acquisitions and development spree amid the booming industrial market in Southern California.

Already this year, the firm has spent $170 million on properties in the region — including the Santa Clarita purchase.

In the fourth quarter of last year, the firm bought 19 properties for a total of $551 million, it said in an earnings release this month. Those properties totaled 5.7 million square feet of buildings across 426 acres of land.

The firm’s portfolio totaled nearly 37 million square feet at the end of December.

Stockbridge, meanwhile, is adding multifamily properties to its portfolio. Earlie this month, the San Francisco-based firm teamed up with multifamily investor Cityview to buy a site Gardena fully entitled for 265 units.





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