Rexford Industrial Realty has landed a mystery tenant for a 276,000-square-foot warehouse in Ontario.
The Sawtelle-based real estate investment trust leased the warehouse to the undisclosed third-party logistics firm at 500 Dupont Avenue, L.A. Business First reported.
The least starts next month. Terms of the deal were not disclosed.
Rexford bought the single-tenant warehouse in 2021 in an off-market deal for $58.5 million, or $212 per square foot. The 11-acre property was leased to Armorcast Products for 40 percent below market.
Rexford revamped the building, adding offices, dock-high loading, upgraded fire sprinklers and a secured container storage yard for an undisclosed price.
Last month, Rexford bought Herbalife Plaza, an 186,000-square-foot office building zoned for industrial use in Torrance, for $41 million, according to L.A. Business First.
At the same time, the real estate investment trust leased three industrial warehouses containing a combined 180,000 square feet in Chatsworth to Voyant Beauty, a Chicago-based cosmetics firm. Terms of the deal were not disclosed.
Rexford is weathering a national warehouse slump by focusing on smaller buildings that average 26,000 square feet.
In June, the REIT’s warehouse vacancy was 2.7 percent, beating the overall Southern California infill market vacancy of 3.9 percent. Across the nation, the industrial vacancy was 7.1 percent, up from 4.7 percent a year earlier.
— Dana Bartholomew
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