Rexford Industrial leases Simi Valley warehouse to River Plate

River Plate has leased a 136,000-square-foot warehouse in Simi Valley in a deal valued at $15.6 million.

The locally based product fulfillment firm signed a direct lease for the building it has subleased for years at 2950 Madera Road, next to the 118 Freeway, the Commercial Observer reported.

While the deal with owner Rexford Industrial Realty was valued at $15.6 million, the length of the lease was not disclosed.

Brokers Scott Caswell and Erica Balin of Lee & Associates represented the tenant in the lease negotiations for the Ventura County location.

“The Simi Valley and surrounding areas remain an excellent location for companies in the warehousing and fulfillment center market,” Caswell said in a statement.

The lease deal comes as Rexford bounces off a $1 billion industrial real estate deal.

This week, the Brentwood-based real estate investment trust bought 3 million square feet of industrial properties in Southern California from Blackstone in a $1 billion deal that added nearly 7 percent of square footage to its portfolio. 

In the deal, Rexford acquired 48 properties in Los Angeles and Orange counties for $332 per square foot.

The REIT has spent the last several years in “buy” mode. The firm spent $1.5 billion to acquire property last year, down from $2.4 billion in 2022.

At the end of last year, Rexford reported $797 million in total revenues, up 26 percent from the year prior, and $249 million in net income — up 41 percent from the end of 2022, according to financial reports. 

— Dana Bartholomew

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