Rexford Buys Industrial Buildings in Central LA for $28M
The two fully leased industrial developments include 53,651 square feet.
Two Class A industrial developments in Central Los Angeles with a combined 53,651 square feet have sold for $28 million, according to DAUM Commercial Real Estate Services.
DAUM’s Jerry Sackler represented the seller, E & E 1975 Trust, a private family real estate investment trust, on the sale and found the buyer, Rexford Industrial. The buyer did not immediately respond to a request for comment.
The buildings are located at 1501-1545 Rio Vista Avenue, giving tenants access to the 5, 10 and 110 Highways, as well as State Routes 101 and 60.
Real estate firms are rushing to invest in industrial properties in markets such as Central L.A. as vacant space becomes increasingly difficult to find, especially in proximity to shipping ports and highways, according to Sackler. These assets, however, are fully leased at this time.
“The seller had an asset that was extremely well-located in the heart of Los Angeles, in close proximity to major thoroughfares and Downtown, and was seeking to act quickly to capitalize on the high demand for industrial space in Southern California,” Sackler said in a statement. “Leveraging close existing relationships within the local industrial market, our team sourced a buyer who was able to meet the seller’s requirements and closed this transaction off market in less than 30 days.”
Southern California has been particularly competitive for tenants looking for industrial space across a number of sectors, especially in e-commerce as shopping trends have shifted since the beginning of the pandemic, according to multiple research firms such as Savills, Cushman & Wakefield and CommercialEdge.
Cities close to coastal ports have benefitted from the surging demand in industrial space more so than areas with less access to ports, and vacancies remain higher in landlocked hubs such as Salt Lake City, Phoenix and Denver.
Rexford is an L.A.-based real estate investment trust, one of the most active in Southern California, and about 35 million square feet of industrial properties with a value of about $13 billion.
Mark Hallum can be reached at firstname.lastname@example.org.