The mystery buyer that paid $50.9 million for a 102,300-square-foot distribution warehouse in Lake Forest last month has been identified as a unit of France-based Engie.
An affiliate tied to Engie Resources engine supplier bought the two-story industrial building at 20 Icon, in Foothill Ranch, the Orange County Business Journal reported, citing CoStar.
The seller was reported last month as Los Angeles-based Rexford Industrial Realty, which bought the property in 2016 for an unknown price.
The deal works out to $498 per square foot.
The property, built in 1999 on 6.6 acres, was revamped in 2015. It has a single tenant whose lease expires next year, according to Compstak.
Prior to the sale, Rexford collected an annual rent of $1.7 million a year, or $16.93 per square foot, according to a regulatory filing.
The buyer, Lake Forest Reliability Project, is tied to Angie Resources and Houston-based Engie North America, a unit of French-based Engie, a multinational power utility founded in 2008, with roots dating back nearly 150 years.
The industrial sale was among the largest in OC deals this year. Last month, Newport Beach-based Buchanan Street Partners bought a 16-building, 227,800-square-foot industrial and office park at 20902-21098 Bake Parkway in Lake Forest for an estimated $63 million.
The sale by Rexford of 20 Icon was reported in the firm’s first-quarter earnings report. The Sawtelle-based real estate investment trust reported net income of $68.3 million, or $0.30 per diluted share, from $58.6 million, or $0.27 per diluted share, the prior period.
The deal came after Rexford sold a 127,800-square-foot industrial building at 1055 Sandhill Avenue in Carson for $52.5 million, or $411 per square foot. The empty building was sold to an unidentified buyer.
In January, Rexford bought a fully leased 300,000-square-foot warehouse at 2501 West Rosecrans Avenue in Compton for $137.2 million, or $457 per square foot.
Rexford, a major warehouse landlord in Southern California, executed 2.4 million rentable square feet of new and renewal leases last quarter, while comparable rental rates increased by 23.8 percent, according to the regulatory filing. Its properties were 95.9 percent occupied.
As of Dec. 31, Rexford owned 425 properties with 50.8 million rentable square feet, according to its website.
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