Rexford buys portfolio of ice production buildings

$65M for three properties in LA, one in San Diego

Los Angeles /
Apr.April 01, 2022 10:35 AM
Rexford’s Howard Schwimmer and Michael Frankel with 17011 South Central Avenue (CBRE, Rexford)

As the industrial market heats up, Rexford Industrial Realty is getting into the ice business.

Rexford paid $65 million for four industrial properties in Los Angeles and San Diego, each fully leased to package ice manufacturer Arctic Glacier, according to an announcement from CBRE, which brokered the deal.

Rexford bought a complex at 14243 Bessemer Street in Van Nuys; a three-building property at 17011 South Central Avenue in Carson; a complex at 2970 East 50th Street in Vernon, and a warehouse at 2843 Benet Rd in Oceanside in San Diego.

Together, the properties total 150,700 square feet.

Arctic Glacier, which is owned by private equity firm The Carlyle Group, holds leases on the properties through at least 2038, public county records show. The company also has four options to extend its leases for up to 20 more years.

New Mountain Capital, a private equity firm based in New York, sold the properties. The company bought the portfolio in 2018 for around $29.7 million in 2018, records show.

Arctic Glacier, given its corporate ownership, “provides long-term security” for Rexford, CBRE’s Barbara Perrier said in a statement.

Rexford has already spent hundreds of millions of dollars this year on industrial assets and office properties for conversion into industrial real estate. Last month, the company bought a 232,000-square-foot office complex in Chatsworth for $42 million, with plans to redevelop the site into two industrial buildings once current leases expire.

Across Los Angeles, vacancy for industrial properties in the first quarter of this year continued to hover at around 1.1 percent, according to Kidder Mathews. Monthly asking rents have increased by 6.15 percent compared to the fourth quarter of last year, rising to $1.38 per square foot.





    Related Articles

    arrow_forward_ios
    Related Companies CEO Jeff Blau and Related's Justin Metz with the Godfrey Hotel Hollywood (Getty, Related, GodfreyHotelHollywood.com, iStock)
    Related spends $115M on stake in new Hollywood hotel
    Related spends $115M on stake in new Hollywood hotel
    Prologis' Hamid Moghadam and 8819 E Edison Ave in Ontario (Google Maps, Prologis)
    Prologis gets option on 177 more acres in Ontario Ranch
    Prologis gets option on 177 more acres in Ontario Ranch
    Assembly Majority Leader Eloise Gómez Reyes (47th Assembly District, iStock)
    Inland Empire industrial developers dodge a bullet — for now
    Inland Empire industrial developers dodge a bullet — for now
    Crow Holdings CEO Bob McLain and 2524 S Lilac Avenue (LinkedIn, Google Maps)
    Dallas outfit spends $72M on industrial in Inland Empire
    Dallas outfit spends $72M on industrial in Inland Empire
    From left: 17877 & 17875 Von Karman Ave in Irvine, PGGM CEO Edwin Velzel and MetLife CEO Michel Khalaf (LoopNet, PGGM, MetLife)
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
    LaTerra buys Marina del Rey office complex
    LaTerra buys Marina del Rey office complex
    FS Investments' Michael Forman and Tishman Speyer's Rob Speyer with 555 South Aviation Boulevard (Tishman Speyer, LoopNet, iStock)
    Tishman Speyer notches priciest LA office sale of year
    Tishman Speyer notches priciest LA office sale of year
    Hacienda Associates' Ernesto Fonseca with 225 West Broadway (Hacienda Associates, LoopNet)
    Value of Glendale office building dips to $217 psf
    Value of Glendale office building dips to $217 psf
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...