Rexford Picks Up, Sheds CA Assets

The firm acquired an Inland Empire asset encompassing more than 200,000 square feet of industrial space, partially funding this by the sale of a creative office property.

Ontario Airport Commerce Center in Ontario, Calif.
Ontario Airport Commerce Center in Ontario, Calif.

Rexford Industrial Realty has acquired the 213,630-square-foot Ontario Airport Commerce Center in Ontario, Calif., for $24.1 million from MetLife. The seller purchased the property in 2007 as part of a nearly 4 million-square-foot portfolio, according to Yardi Matrix. Rexford partly financed its acquisition with proceeds from its $10.9 million disposition—via a tax-deferred 1031 exchange—of a two-building, 25,168-square-foot creative office asset in Glendale, Calif.

Located at 1900 S. Proforma Ave., 1910 and 1920 Archibald Ave., the newly acquired three-building Inland Empire Class A industrial asset is situated just south of Ontario International Airport and close to Highway 60. Constructed in 1989, the property features 18- to 24-foot clear heights, 10,656 square feet of office space, 16 truck well loading doors and 48 grade-level doors, per Yardi Matrix data. The property is 86 percent leased to multiple tenants, and Rexford is planning renovation work to facilitate leasing the remaining space.

The office property in Glendale, situated at 700 Allen Ave. and 1830-1851 Flower St., is part of a larger industrial development. The one-story asset, acquired by an owner/user, sits on a 1.1-acre parcel located two blocks from the Golden State Freeway.

Image via Google Maps