Rexford Spends $365M on 1.1M-SF Warehouse in Southern California
By Greg Cornfield February 10, 2023 6:40 pm
reprints
This is a huge warehouse deal, even for the most active warehouse investor in Southern California.
Rexford Industrial Realty has put down a whopping $365 million for a 1.1 million-square-foot warehouse in the Inland Empire, according to data provided by Vizzda. The deal with tenant Tireco, a distributor of tires, closed Jan. 30.
Rexford and Tireco did not return requests for comments.
The one deal cost more than all Rexford’s acquisitions in the fourth quarter of 2022 combined — $336.2 million. For the year 2022, the local REIT closed $2.4 billion in warehouse deals.
The tire distribution facility was built in 2006 on 46 acres at 10545 Production Avenue in Fontana, Calif. It sold for $331 per square foot, much higher than the $132 per square foot average seen nationally in 2022, and the $289 average in the Inland Empire, according to CommercialEdge’s most recent industrial market report.
The Inland Empire also led the country in industrial rent growth in 2022, increasing 14.2 percent over the year.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
