Rexford Extends Another Warehouse Buying Spree in Southern California
By Greg Cornfield May 21, 2024 12:40 pm
reprints
While the industrial real estate market experiences wide-ranging corrections, Rexford is still expanding.
Fresh off its $1 billion acquisition of Blackstone-owned facilities in Southern California, Rexford Industrial Realty is putting down $94.2 million for another warehouse in Orange County, according to The Real Deal. That’s equal to about $338 per square foot for the 279,000-square-foot industrial asset in the city of Fullerton.
American Realty Advisors (ARA) sold the asset at 1911 East Rosslynn Avenue after almost two decades. It’s fully leased to Corru-Kraft, a packaging and manufacturing company.
Neither Rexford nor ARA immediately returned requests for comment.
Rexford, a Los Angeles-based real estate investment trust, announced in March it agreed to pay $1 billion to acquire 48 properties in L.A. and Orange counties — which are 98 percent leased — in separate deals with Blackstone subsidiaries.
The landmark deal closed while Southern California’s industrial market normalized in relation to the e-commerce boom during the pandemic, with vacancies increasing the past couple of years since hitting record historic lows in 2021. Investors are closing far fewer transactions as demand softens and the market adjusts to high inflation and interest rates.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
