Rexford Renews 1M SF Tenant For 3 More Years: The Los Angeles Deal Sheet
Rexford locked in a huge Inland Empire tenant for three more years.
The REIT told investors in its latest earnings report that its largest tenant, Tireco, which occupies 1.1M SF at 10545 Production Ave. in Fontana, had signed on for three more years in the space.
Last year, Rexford reported that Tireco had extended its lease to 2027, so this extension keeps the tenant in the space until 2030.
PEOPLE
Max Benjamin Partners has hired 15-year investment professional Zach Novatt as director in its Calabasas office. In his new position, Novatt has already brokered a $107M mortgage and mezzanine loan to finance the acquisition of an industrial building at 588 Crenshaw Blvd. in Torrance and refinance existing debt at 1483 W. Via Plata St., an industrial property in Long Beach.
Novatt has 15 years of experience centered around originations, structuring and acquisitions across debt and equity products for all property types. Over his career, Novatt has been directly involved in capitalizing more than $3B in asset value.
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CBRE has hired Lauren Dressler as a senior vice president in San Diego. She will focus on national retail tenant representation and multimarket growth strategies for major brands across the U.S.
Dressler brings more than 20 years of experience spanning tenant representation, acquisitions and real estate development. She joins CBRE from Oak Place Partners, a privately held commercial real estate firm she founded and led for the past decade.
SALES
A property holding affiliate of Wellpointe Inc. acquired 6400 Canoga Ave., a 4.7-acre site in Woodland Hills. Under the previous ownership of Sandstone Properties, the property had been associated with proposals for a 650-unit, 35-story market-rate apartment tower and a four-story, 240-key luxury hotel. With the site under new ownership, Wellpointe is planning a 100% affordable project on the property.
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CBRE arranged the sale of two boutique office buildings at 320-330 Arden Ave. in Glendale. A local owner-user acquired the properties for $13M, approximately $300 per SF.
CBRE’s Mark Shaffer, Gerard Poutier, Anthony DeLorenzo and Dylan Rutigliano represented the seller, JSGPT LLC.
The two buildings, totaling approximately 43K SF, feature outdoor patios, private balconies and secure underground parking.
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Barings sold Seacliff Village, a Huntington Beach grocery-anchored shopping center, for $151M. JLL Capital Markets closed the sale and secured an $83.8M acquisition loan. JLL represented the seller and procured the buyer, Asana Partners.
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Canyon Partners Real Estate and MG Properties acquired the Shift Apartments, a multifamily building in downtown San Diego, for an undisclosed price.
Shift Apartments spans two multifamily buildings of 21 stories and five stories. The complex contains 368 units, approximately 19K SF of ground-floor retail space, and a 501-space parking garage. The property was completed in 2018.
LEASES
Avison Young negotiated an expansion and early flex/industrial lease renewal of more than 128K SF on behalf of ThinKom Solutions at Oceangate Business Park, a 383K SF property in Hawthorne.
ThinKom Solutions took 54K SF of flex/industrial space at 4910 Rosecrans Ave., adding to its existing 74K SF at 4881 W. 145th St. Avison Young's Mark Mattis represented ThinKom in the 10-year lease transaction.
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Drawbridge Realty announced it has renewed defense contractor Northrop Grumman Systems’ long-term lease at 16710 and 16750 Via Del Campo Court, a 168K SF, two-building office and research and development campus in San Diego’s Rancho Bernardo.
Northrop Grumman has occupied the two-building campus since 2005. Drawbridge Realty has owned the property since 2014.
Northrop Grumman Systems was represented by Randall Wood and Shawn Lorentzen of JLL. Drawbridge Realty was represented by Tom Martinez, Chris Pascale, Evan Knudson and Cole Martinez of CBRE.
FINANCING
IPA Capital Markets secured $52M in financing for Arista Glendale, a 98-unit luxury multifamily property at 520 N. Central Ave. in Glendale.
IPA Capital Markets' Stefen Chraghchian secured the financing with Dwight Capital. The loan is nonrecourse and features a five-year interest-only term at a 67.5% loan-to-value ratio.
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Gantry secured a $13.3M permanent loan at the close of 2025 for the acquisition of the Carlsbad Pacific Center office campus, a three-building, 130K SF, multitenant office campus at 701, 703 and 705 Palomar Airport Road in Carlsbad.
The loan was the second office acquisition loan secured by Gantry for an experienced sponsor assembling a portfolio of quality office space in this ocean-fronting submarket.
Gantry's Andy Bratt and Sean Kuang with the firm’s Irvine production office represented the borrower for each loan, Strauss Investments. The seven-year, fixed-rate, nonrecourse loan for Carlsbad Pacific Center is partial-term interest-only.
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Marcus & Millichap Capital Corp. arranged $3.7M in financing for the acquisition of Curren Place Apartments, a 24-unit multifamily property at 530-578 Curran Place in Pomona.
MMCC Inland Empire's Richard Knorr secured the financing with a national bank on behalf of a private client. The loan features a 30-year term, fully amortized with a 5.85% interest rate and 62% loan-to-value ratio.
