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Rexford buys Anaheim, South El Monte industrial sites for $70M
REIT plans to redevelop both properties into large warehouses
Rexford Industrial Realty has bought two industrial sites — one in South El Monte and the other in Anaheim — for a combined $69.5 million, with both slated for redevelopment.
The Brentwood-based real estate investment trust, which buys and develops warehouses and other industrial properties, spent $57 million on 600 East Vermont Avenue in Anaheim and $12.5 million on 11234 Rush Street in South El Monte, the firm announced Thursday.
The Anaheim deal came out to around $108 per land square foot, while the El Monte sale clocked in lower, at around $61 a foot.
Rexford bought the 12-acre Anaheim site from L3Harris, the defense and aerospace firm, records show. L3Harris will lease the site back for a short period of time, after which Rexford will redevelop it into a 264,000-square-foot building.
In South El Monte, Rexford bought the roughly 5-acre industrial yard with plans to build a new 102,000-square-foot warehouse on the site. The property’s owner is listed as Foster Poultry Farms, according to PropertyShark, though no county deed is publicly available yet.
Both purchases were made with cash and proceeds from equity settlements and tax-beneficial 1031 exchanges.
In December, the firm sold 3720 West Warner Avenue in Santa Ana for $11.3 million, or $292 a square foot. Any proceeds were used to help acquire the Anaheim site, Rexford said.
Though Rexford makes most of its acquisitions in cash or through 1031 exchanges, the firm has felt a slowdown in the market.
The firm spent $1.5 billion buying property in 2023, down from $2.4 billion in 2022.