22343-22349 La Palma Avenue
Rexford effectively swapped 60 tenants for one tenant.
Exchanged 60 tenants for one tenant. In November 2013 we acquired 22343-22349 La Palma Avenue for $12.7 million, or $110 per square foot, in a lender auction in which our ability to close quickly without a financing contingency were decided advantages. In November 2016 we sold the property for $17.0 million, or $147 per square foot, and used the proceeds in a 1031 Exchange to purchase a single tenant building. We effectively swapped 60 tenants for one tenant, which achieving operational efficiencies.