Brentwood-based Rexford Industrial Realty Inc. has purchased an industrial property sitting on close to 4 acres in the City of Industry for nearly $11 million.
The property, at 15430 Proctor Ave., is 64,320 square feet.
DAUM Commercial Real Estate Services’ Bob Dipre and Dennis Sandoval represented the seller, Gayton Group, in the transaction.

“After more than 10 years of ownership, Gaytan Group made the strategic decision to sell based on record-high industrial demand and influx of investor capital into the market,” Dipre said in a statement. “Based on our decades of experience in the San Gabriel Valley submarket and knowledge of current industrial trends, we were able to secure a buyer who understood the long-term value of the investment at a price that reflected its worth.”

The property is used for food processing and is currently leased.
“With this acquisition, Rexford Industrial adds a stable, cash-flowing investment to its exceptional portfolio of industrial properties,” Sandoval said in a statement. “The USDA-approved food processing facility is on a long-term lease to an established credit tenant specializing in meat and wheat flour snacks manufacturing, with options to extend.”

The San Gabriel Valley market saw industrial vacancy rates of a mere 1.2% during the fourth quarter, according to data from Jones Lang LaSalle Inc. That’s down from the 2.6% vacancy rate seen the year prior.
During the fourth quarter, 1.9 million square feet of industrial product sold or leased in the submarket, according to JLL data.

Rexford has been one of the most active investors in industrial real estate in L.A.
The company completed $1.9 billion in industrial acquisitions last year to bring its portfolio to 296 properties and 37.1 million square feet in Southern California.

Its other recent City of Industry acquisitions include a 7.6-acre site purchased for
$28.6 million, and a fully leased,56,915-square-foot warehouse at 1020 Bixby Drive purchased for $16.4 million.