JP Morgan Sells L.A. Industrial Property to Rexford REIT for $137M
By Greg Cornfield January 3, 2025 2:50 pm
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Los Angeles-based investment and development firm Rexford Industrial Realty capped off 2024 by solidifying its role, once again, as one of the most active warehousing landlords in Southern California.
The real estate investment trust put down $137.2 million for a fully leased 300,000-square-foot warehouse in South L.A., which is part of one of the most prominent markets in the nation due to its proximity to the nearby Ports of L.A. and Long Beach.
J.P. Morgan Chase sold the property at 2501 West Rosecrans Avenue in Compton for about $457 per square foot, well above the average regional investment sale price. In spring 2024, logistics company Forward Air signed a 10-year expansion lease for the full property.
Rexford has for years been one of the most prolific warehouse buyers in Southern California, and was again in 2024, putting down more than $1.4 billion in investment deals through the third quarter of the year. That’s despite a larger pullback from major industrial landlords due to higher interest rates and persistent inflation.
Representatives for both Rexford and J.P. Morgan did not immediately return requests for comment.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
