Rexford Strikes Again, Snapping Up Commerce Industrial Buildings for $91.5M
Rexford Industrial Realty, one of the busiest buyers in Southern California, has snapped up two Class-A industrial buildings in Commerce for $91.5M.
The buildings are fully leased. The tenants weren't disclosed, but at least one building is leased to Studio Designs, an online furniture design company.
The buildings together total 182K SF, putting the off-market transaction at just over $500 per SF.
That is well above the Q2 average of $335.08, according to Avison Young. Last quarter, Rexford paid about $90M, or $450 per SF, for a roughly 200K SF, two-building property in Panorama City. The biggest transaction last quarter was New York-based East End Capital’s purchase of the site at Sixth and Alameda for just under $758 per SF. East End wants to turn the site into soundstages and production space.
Rexford has been on a tear in 2022, spending $1.6B on acquisitions as of July 19. At the time, the company referred to the infill Southern California market as "the nation's highest demand and lowest vacancy industrial market."
Though there are signs that the runaway for growth in the industrial market may moderate somewhat, the Southern California market remains one of the tightest in the country, reports indicate.
A team led by JLL Senior Managing Director Zac Sakowski, Director Chad Solomon and Vice President Brianna Demus represented Rexford in the Commerce deal.