Rexford Adds 3 Industrial Properties to California Portfolio
- Oct 08, 2019
Rexford Industrial has acquired three industrial properties in Southern California for $76 million, building on its recent investment streak that has seen the firm purchase at least seven properties since September. In three separate all-cash deals, Rexford acquired Slauson Commerce Center, 2328 Teller Rd. and 750 W. Manville St., together totaling more than 500,000 square feet.
In a release, the company, which has closed more than $765 million in investments so far this year, said the properties are located in “high-barrier, prime infill” locations of Southern California.
Rexford purchased Slauson Commerce Center for $41.3 million from Prologis, who had owned the property since 2004. The 346,554-square-foot industrial facility is located on 10.5 acres at 6277 E. Slauson Ave. in Commerce, Calif. The Class B property was built in four phases between 1958 and 1976 and was completely renovated in 2010. The property is used as a warehouse and distribution center but also houses 17,500 square feet of office space, per Yardi Matrix data.
The company also purchased 2328 Teller Rd. in Newbury Park, Calif., for $23.3 million from Sunbelt Investments. Located on 8.1 acres, the industrial flex Class B property was built in 1970 and comprises 127,430 square feet. The multi-tenant industrial building is currently 93.4 percent leased. And in the Compton neighborhood of Los Angeles, Rexford acquired 750 W. Manville St. in an off-market deal for $11.5 million. The 59,996-square-foot property was built in 1977 on 2.7 acres and is fully leased to a long-term, single tenant.
California’s industrial engine
In Southern California, the Inland Empire has been a hot spot for industrial development in recent years. Last year, the region of Southern California hit a peak in new inventory delivered to the market, with more than 22 million square feet of new industrial properties completed, according to a recent Yardi Matrix report. As of May 2019, more than 5 million square feet had been delivered in the Inland Empire, with an additional 17 million square feet in the pipeline.