Rexford Adds $46M in Acquisitions in Southern California
L.A.-based REIT surpasses $1.2 billion in industrial investment so far this year, with another $300 million underway
By Nick Trombola September 11, 2023 4:00 pm
reprints
Rexford Industrial Realty continues to grow its already substantial portfolio in Southern California.
The Los Angeles-based real estate investment trust announced last week that it had acquired three industrial properties for a total price of just over $46 million. Rexford acquired the properties in July and August via off-market sales, according to a company press release.
Two of the properties are in L.A. County’s South Bay. The REIT acquired 2500 East Thompson Street in Long Beach for $20.3 million, or $115 per square foot. The site encompasses three buildings totaling 174,691 square feet and is leased to KMC Acquisition Corporation, according to CompStak.
Meanwhile, 422 Rosecrans Avenue in Gardena sold for $2.9 million, or $152 per land square foot. The 0.4-acre site, which includes a 57,000-square-foot cross-dock building and a large container storage yard, is adjacent to an ongoing Rexford redevelopment project.
The third property, 14650 Hoover Street in Westminster, sold for $23 million, or $385 per square foot. The 59,679-square-foot Class A, single-tenant building is subject to a short-term sale leaseback. According to the press release, the existing Hoover Street tenant also pre-leased an additional 114,912-square-foot Rexford property at 17311 Nichols Lane, in Huntington Beach. Rexford’s combined estimated investment for the two sites is $45 million.
“The company continues to leverage its value-add expertise and proprietary sourcing advantage within infill Southern California, the largest and highest-demand industrial market in the U.S. and the fourth-largest market globally,” co-CEOs Howard Schwimmer and Michael Frankel said in a joint statement, adding Rexford has another $300 million of investments under contract or accepted offer underway.
Rexford’s year-to-date investments total $1.2 billion, including a $210 million, nearly 600,000-square-foot building acquired in late July.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
