Sawtelle-based Rexford Industrial Realty Inc. has purchased an iconic safari-themed, 16-building industrial park in Ontario for about $141 million, it announced this week.
The real estate investment trust, which focuses on owning and operating Southern California industrial properties, acquired Safari Business Center, a 1.14 million-square-foot, 52.2-acre property, at $124 a square foot, the company said. The property is adjacent to the Ontario Airport within the Inland Empire West submarket and was 97 percent leased to 75 tenants, Rexford said.
The seller, Glendale’s American Realty Advisors, purchased the property in 2005 for $103 million, according to CoStar Group Inc. The industrial park is decorated with silhouettes of animals painted on the buildings, bronze animal statues, and rows of palm trees.
CBRE Group Inc.’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel, and Michael Kendall represented American Realty Advisors. Jeff Bellitti and Mac Hewett of Jones Lang LaSalle were the leasing brokers on the park and assisted CBRE in the sale.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Investor Doubles Down in Glendale Office Pickup
- Commercial Real Estate Awards 2018: Best Industrial Sale
- Rexford Acquires Four Industrial Buildings for $85M
- Rexford Spends $68 Million on Industrial Properties
- Rexford Industrial Acquires Rancho Pacifica Industrial Park for $210 Million
- Rexford Industrial Buys Ontario Industrial Park
- Rexford Picks Up Two Industrial Properties for $30M
- Rexford Industrial Realty Buys 36-Acre Property in Commerce