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6/15/22
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Rexford Industrial acquired the seven-acre Hotel Fullerton property in Orange County for $45 mil. The property, located at 1500 S Raymond Ave, was sold by Huoyen International Inc.
Rexford Industrial will be demolishing the existing shuttered hotel structure and plans to construct a brand new 140k sf, state-of-the-art Class A industrial building. The site is already zoned for industrial use.
Already zoned for industrial use, Rexford’s planned industrial/distribution building will be strategically located on S. Raymond Ave immediately off SR 91, with high freeway visibility. The property is also convenient to other logistical freeway routes including Interstate 5 and SR 57 and 91.
Randy Ellison with Cushman & Wakefield’s Irvine office represented both parties in the off-market transaction.
Ellison noted that “This sale reflects the continued trend in Southern California and other markets of re-purposing properties that are in industrial zones but are not active industrial uses. In the current climate, industrial real estate has become recognized as a highest and best use option to certain select hotel and office properties situated on large sites across the region where such conversion makes sense and pencils in the long-term.”
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