Rexford Extends Buying Spree With More Industrial Space in SoCal’s Inland Empire
L.A.-based REIT pays $300 per square foot in latest deal
By Nick Trombola April 29, 2024 2:46 pm
reprints
Rexford Industrial Realty has kept up its aggressive acquisition strategy in the country’s biggest market for warehousing and logistics space.
The Los Angeles-based real estate investment trust has paid $26.7 million, or nearly $308 per square foot, for an 86,873-square-foot industrial property in Ontario, Calif., in Southern California’s Inland Empire region, according to data sourced from Vizzda. TA Realty sold the asset, while CBRE (CBRE)’s Rebecca Perlmutter Finkel, Barbara Perrier and Darla Longo brokered the transaction.
The building, which encompasses nearly 5 acres at 4422 Airport Drive, is fully leased to two tenants, according to marketing materials for the property found on Crexi: Torque Parts, which manufactures air springs and distributes heavy-duty vehicle parts, and Devion Furniture, which uses the property as its U.S. import headquarters.
A representative of TA Realty declined to comment, while representatives for Rexford did not immediately respond to requests for comment.
The 4422 Airport Drive sale is yet another notch in Rexford’s industrial belt lately. The REIT shelled out an eye-watering $1 billion late last month for a Blackstone industrial portfolio encompassing 48 properties in L.A. and Orange counties.
Late last year, Rexford closed two transactions in Southern California worth a combined $245 million. It paid $120 million for 15801 West First Street, a nearly 1 million-square-foot industrial site known as Irwindale Brew Yard, while also issuing a $125 million loan to seller Pabst Brewing Company.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
