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2/23/15
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LA-based Rexford Industrial LLC has closed on another SoCal industrial buy, paying $28.9 mil for a three-building, light industrial portfolio totaling 343.4k sf of space in the Inland Empire and LA’s Mid-City area. The fully leased portfolio was sold by KFG Investment Company.
The acquisition consists of two properties in Fontana, at 10509 Business Drive and 13231 Slover Avenue. The transaction also includes a building at 12907 Imperial Hwy in Santa Fe Springs, which RENTV mentioned had been purchased by Rexford in an earlier report.
10509 Business Dr, Fontana |
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Located half a mile apart, the Fontana properties are near major transportation arteries, including Interstates 10 and 15 and the Pomona Freeway (Hwy 60), and are approximately 65 miles from the Ports of Los Angeles and Long Beach and five miles from Los Angeles Ontario Airport.
The Business Drive property is a 130.8k sf building situated on 6.87 acres and features 21 dock high loading doors and 24’ clear height. The Slover Ave building comprises 109.5k sf on 5.3 acres and includes 16 dock high doors and 24’ clear height.
The Santa Fe Springs property is three blocks from the Santa Ana Fwy (I-5) and has easy access to Interstates 605 and 105. The property is also less than 23 miles from the Ports of Long Beach and Los Angles and Los Angeles International Airport. The 101.1k sf building has 17 dock high loading doors and 30’ clear height.
Ryan Martin and Anthony Brent of HFF represented the seller in the deal.
“These assets were highly sought-after due to the infill location and highly functional building features,” Martin said. “These will prove to be great additions to Rexford Industrial’s rapidly growing portfolio.”
“The investment provides significant upside as the current rents are considerably below current market rents,” Brent added.
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