The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 15, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Rexford Industrial Realty Buys 123k sf Long Beach Business Park


Long Beach Business Park, a 123.5k sf, multi-tenant industrial business park in Long Beach, was purchased by Rexford Industrial Realty in a $24 mil ($194/sf) transaction.

The property is located on West Anaheim St, adjacent to the Ports of Long Beach and Los Angeles, which comprise the largest port complex in the nation. It is minutes from the bustling central business district of Downtown Long Beach and is less than 2,000 feet from the 710 Fwy.

Kevin Shannon, Bret Hardy, Scott Schumacher and Ken White with Newmark represented the seller, RPG 14 LLC. According to Shannon, the property location is coveted for its proximity to the largest port system in the United States, which had its busiest year on record in 2021.

Hardy noted, “Significant upside also exists with a potential condo map overlay for a future user sale exist strategy or a new ground-up industrial development given the relatively short terms of the existing small tenant leases”.

According to Newmark Research, the Los Angeles industrial market totals 1.05 bil sf and has the second-lowest industrial vacancy rate in the U.S., at 1.1% as of year-end. Its vacancy rate has remained below 3.0% for 39 consecutive quarters. During the fourth quarter of 2021, quarterly net absorption totaled 2.9 msf, bringing the 2021 absorption total to 13.7 msf, the fourth-highest year on record.

Return to the Archive page




Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media