Rexford Industrial Realty bought a 123,532-square-foot business park in Long Beach for $24 million.
A company identified as RPG 14 sold the Long Beach Business Park at 701-733 W. Anaheim St. to the prolific landlord based in Sawtelle, ConnectCRE reported.
The industrial park lies just east of the 710 Freeway and the Los Angeles River, not far from the ports of Long Beach and Los Angeles.
The seller was represented by Newmark’s Kevin Shannon, Bret Hardy, Scott Schumacher and Ken White, who announced the deal.
“The location is coveted for its proximity to the largest port system in the United States which had its busiest year on record in 2021 and most tenants within this park are port related,” Schumacher said in a statement.
According to Newmark Research, the Los Angeles industrial market totals 1.05 billion square feet and has the second-lowest industrial vacancy rate in the U.S., at 1.1 percent at the end of 2021.
The L.A. vacancy rate has remained below 3 percent for 39 consecutive quarters. During the fourth quarter of 2021, net absorption totaled 2.9 million square feet, bringing the 2021 absorption total to 13.7 million square feet, the fourth-highest year on record.
Rexford Industrial has been a busy buyer, paying $43 million last month for a 117,000-square-foot industrial building along the Los Angeles River in the Glassell Park, ending a bitter fight over a proposed housing project. The industrial landlord also paid $58.5 million for a newly completed industrial warehouse in Santa Clarita.
[ConnectCRE] – Dana Bartholomew