An heir to a banking and real estate fortune in Mexico has sold two industrial properties in Commerce to Rexford Industrial Realty for $500 per square foot, taking advantage of soaring industrial prices.
The L.A.-based industrial REIT bought two buildings at 6000 and 6027 Bandini Boulevard totaling 183,000 square feet for $91.5 million, according to a Thursday announcement from JLL, which brokered the deal on behalf of Rexford.
The property was sold by a limited liability company called 500 Bandini — an entity linked to Moises Cosio, an heir to a banking and real estate fortune in Mexico. Cosio signed a loan document in December 2020 for the building at 6000 Bandini Boulevard, according to public property records filed with L.A. County.
Cosio has amassed a substantial real estate portfolio across the U.S., including the 59-story 500 Fifth Avenue office tower in Manhattan, court documents detail. Cosio sued a group of his financial advisors in 2020, claiming Credit Suisse and a broker who managed his family office ran up hundreds of thousands of dollars in fees and used his own money to buy into firms.
Cosio is also under contract to sell a 4,800-square-foot mansion at 2035 De Mille Drive in Los Feliz for $6.6 million, according to Dirt and online listings for the property.
500 Bandini, which is also linked to Cosio’s family office in Miami, Accendo Capital Group, has owned the properties since 2006, though no purchase price was disclosed. The entity remodeled the property in 2016.
The 117,000-square-foot building at 6000 Bandini Boulevard is currently 50 percent occupied, according to Rexford’s website, which lists the remaining vacancy for rent. That makes it one of the few industrial properties in the Commerce area available to rent. Less than 1 percent of all industrial space in central L.A. is currently vacant, according to JLL.
The entire building at 6027 Bandini Boulevard, which totals 65,000 square feet, is currently leased by Studio Designs, which provides import services to e-commerce firms to build furniture. Its furniture products are listed on both Wayfair and Amazon, among other websites.
The property is located between the 5 and 710 freeways, and just a few miles from the 60, making it an ideal spot for distribution.
Earlier this month, Rexford made another purchase further down the street. The company bought a 115,515-square-foot complex at 6996 Bandini Boulevard for $40.5 million, according to a recent financial report.