Rexford Leases More Than 120,000 SF in Southern California
- Jun 21, 2010
June 21, 2010
By Allison Landa, News Editor
Los Angeles-based industrial real estate investment firm Rexford Industrial, L.L.C. has inked twelve leases adding more than 120,000 square feet to its Southern California portfolio. The total amount of space is worth $5 million.
According to Rexford managing partner Michael Frankel, the company has leased more than 508,000 square feet ot date and 1.56 million square feet throughout the past 18 months. He said 53 percent of the leasing activity involves new tenants, while 47 percent represents existing tenant renewals.
Some of the larger leases include Peermusic III Ltd.’s 1-year lease for 10,952 square feet in Burbank; Santos Research Laboratories’ 39-month lease for 7,204 square feet in Carlsbad; Flexsteel Industries’ 15-month lease for 33,258 square feet in Riverside; and Sumdex Inc.’s 39-month lease for 11,757 square feet in Industry.
“Although rental rates are generally down compared to two or three years ago, Rexford continues to position the portfolio to maximize cash flow through the trough of the downturn, with the option to roll rents and increase cash flows as the economy recovers,” Rexford cofounder and senior managing partner Howard Schwimmer said in a statement.