Rexford Industrial Realty Names New COO, Completes $41M In Sales
Rexford Industrial Realty is moving to sell off a handful of properties and has announced a new executive in a busy start to 2026.
Rexford promoted John Nahas, its managing director of operations, to chief operating officer. Nahas came to Rexford in January 2023 from CenterCal Properties, where he was president.
In his new role, Nahas will continue to oversee Rexford's operations and investment functions, including asset management, leasing and development, and construction, according to a release from Rexford.
The promotion is effective April 1, 2026, aligning with the previously announced promotion of current Chief Operating Officer Laura Clark to CEO of Rexford.
The company also announced Thursday that it has sold two properties for $41.2M. One of the properties, a vacant land parcel at 14005 Live Oak Ave. in Irwindale, sold to an owner-user for $14.5M, or $65 per SF. The roughly 5-acre site was previously in Rexford's development pipeline. By exiting this project, the company will save approximately $20M it otherwise would have spent pursuing the development, according to a release from Rexford.
The other property Rexford sold, 18250 Euclid St. in Fountain Valley, traded for $26.7M, or $425 per SF, also to an owner-user. The 63K SF single-tenant industrial building on the site was 100% occupied at the time of sale.
Rexford has $185M in dispositions either under contract or with an accepted offer, including five properties that were in the near-term development pipeline.
On its fourth-quarter earnings call earlier this month, Clark said the company had zeroed in on six projects it had tagged for disposition, a move toward reducing its development exposure and "giving us flexibility to redeploy capital into more accretive opportunities."
Also in February, Rexford repurchased 2.6 million shares of its common stock for $100M. The weighted average price was $37.45 per share. Its board had previously approved up to $500M for buybacks, leaving $400M still available for future rounds.
Rexford has been shaking things up since last summer. In August, activist investor Elliott Investment Management became a major stakeholder in the company. In November, Rexford announced the departure of longtime co-CEOs Michael Frankel and Howard Schwimmer and Clark's succession.
