Print this page

REXFORD INDUSTRIAL CONCLUDES SALE OF FOUR INDUSTRIAL PROPERTIES IN SOUTHERN CALIFORNIA



Los Angeles, CA, March 4, 2008
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has completed the disposition of four industrial properties for a total consideration of more than $5.7 million. Rexford had acquired, renovated and repositioned each of these buildings to add significant value to the properties. Each of the properties comprised part of larger Rexford projects. Their sales were planned as part of Rexford’s value creation strategies, with each sale exceeding the investor return goals established at the time of their respective acquisitions.

The four properties include:

  • RIF IV – Long Carson, a 16,449-square-foot, two-tenant industrial warehouse located at 6040 Paramount Blvd. & 2715 Seaboard Lane, Long Beach, Calif. The property was sold for $2.252 million to Scott Greenwood. Rexford acquired the property as part of a three property portfolio totaling 70,000 square feet in the South Bay market. Rexford has been renovating the Long Beach properties as leases roll and continues to position them for sale to exchange buyers. Rexford plans to hold the building in Carson, Calif., long term. Rexford was represented by Jeff Smart of Grubb & Ellis, and Eric Winter represented the buyer in the transaction.
  • RIF III – 157th Street, a 12,000-square-foot, single-tenant industrial warehouse located at 315 East 157th Street in Los Angeles, Calif. The building was sold for $1.62 million to an existing tenant, Ramsey Salem of Binder Salem. The building is part of a 4.92 acre site which consists of five buildings on oversized land parcels, comprising approximately 72,000 square feet. Rexford has renovated all of the buildings and is currently re-tenanting them to market rents as leases roll. Rexford represented itself as the seller and Reed Gottesman of CB Richard Ellis represented the buyer in the transaction.
  • RIF IV – Central, an 8,735-square-foot, single-tenant industrial warehouse, located at 6760-A Central Avenue in Riverside, Calif. The building was sold to an existing tenant, Alan Hickman of The Audio Shoppe, for $980,000. The building is located within Central Avenue Business Park, a multi-tenant industrial business park consisting of six single-story buildings that Rexford purchased in July 2007. The 78,506-square-foot concrete tilt up industrial business park was built in 1978 and offers excellent street frontage and convenient access to major freeways. Chris Hauso of NAI Capital represented Rexford Industrial and John Boyer of NAI Capital represented the buyer in the transaction.
  • RIF IV – Central, a 7,172-square-foot, single-tenant industrial warehouse, located at 6770-A Central Avenue in Riverside, Calif. The building was sold to the existing tenant, Inland Flooring, for $857,000. The warehouse is also located within Central Avenue Business Park. Chris Hauso of NAI Capital represented Rexford Industrial and Robert Sturner of NAI Capital represented Inland Flooring in the transaction.

“Rexford invested substantially in each of these properties to enhance their value,” said Rexford’s Co-Founder and Managing Partner Howard Schwimmer. “Like all of Rexford’s assets, each one occupies a highly desirable location for businesses that require warehouse and distribution space conveniently located near major transportation arteries,” he added.

Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, R&D and flex to bulk industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.

About Rexford Industrial
Rexford Industrial LLC is a leading industrial real estate firm in Southern California. As a well-capitalized investor with the ability to transact rapidly and reliably, Rexford Industrial invests in all classes and every category of industrial properties. Rexford specializes in creating value where less focused investors might not have been able to perceive or execute on such opportunities. Rexford offers brokers unique investment incentives and has built an exceptional network of loyal relationships in the industry. With a current portfolio of over five million square feet valued at more than $600 million, Rexford Industrial’s aggressive growth strategy is to purchase over $375 million of industrial properties, representing approximately three million square feet in 2008. The firm is based in Los Angeles.