Rexford Buys Eight SoCal Properties for $270M
LA area’s busiest warehouse investor finished 2021 with $1.9 billion in acquisitions
By Greg Cornfield January 4, 2022 2:55 pm
reprints
It’s Rexford, rinse, repeat.
Rexford Industrial Realty, the most prolific Los Angeles-based warehousing company, announced that it added another eight properties to its portfolio before the end of the year for a combined $270 million. That brought the firm to $1.9 billion of investments in 2021.
The priciest of the eight properties is a fully leased, 307,000-square-foot building in the city of Torrance in L.A.’s South Bay, where vacancy rates dipped below 1 percent in 2021. The two-tenant property at 4240 West 190th Street sold for $75.3 million. Rexford estimates that it is currently rented at 40 percent below market rates, and, after the existing lease expires, the real estate investment trust will redevelop the 11.6-acre site into a single-tenant logistics facility.
In Glassell Park, Rexford acquired a 117,000-square-foot building on a 5.7-acre site at 2800 Casitas Avenue for $43 million. Rexford said the two-tenant industrial building is currently leased at about 60 percent below market rates, and, after that lease expires, Rexford plans to reposition the building into a state-of-the-art last-mile distribution facility.
Rexford acquired two properties in the City of Industry for a combined $45 million. They include an 111,927-square-foot building and a 56,915-square-foot warehouse. According to CBRE (CBRE), the vacancy rate in the 159 million square-foot San Gabriel Valley submarket was 0.2 percent at the end of the third quarter 2021.
In Inglewood, Rexford paid $32 million for a 100,000-square-foot building adjacent to Los Angeles International Airport. After the current leases expire, Rexford will redevelop the sites and build new logistics buildings.
Additionally, Rexford paid $28 million for a 106,925-square-foot building in Anaheim that will be immediately redeveloped; $23.4 million for a 79,515-square-foot building in the city of Corona in the Inland Empire; and $23.1 million for a 65,605-square-foot property in Irwindale.
Rexford’s total portfolio within prime infill Southern California last-mile submarkets includes 296 properties comprising approximately 37.1 million square feet.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
