Rexford Industrial Realty has bought a fully leased 300,000-square-foot warehouse in Compton for $137.2 million.
The Sawtelle-based real estate investment trust purchased the industrial building at 2501 West Rosecrans Avenue, near the ports of Los Angeles and Long Beach, the Commercial Observer reported. The seller was JPMorgan Chase.
The deal works out to $457 per square foot, above the average regional investment sale price, which was not disclosed.
This spring, Tennessee-based logistics firm Forward Air signed a 10-year expansion lease for the entire property. The building, built in 2000, has more than 100 drive-in loading doors, and parking for up to 138 big-rig trailers, according to LoopNet.
Rexford, a major warehouse landlord in Southern California, completed more than $1.4 billion in industrial acquisitions through the third quarter of last year, according to the Observer.
The investment bucked a larger pullback from industrial landlords because of higher interest rates and inflation.
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Rexford Industrial Realty, founded by Richard Ziman in 2013 and run by Co-CEOs Howard Schwimmer and Michael Frankel, as of November owned 293 industrial properties across Southern California, with 37 million rentable square feet, according to its website. Average occupancy was 96 percent.
Over the summer, Rexford was weathering a national warehouse slump by focusing on smaller buildings that average 26,000 square feet.