Rexford Industrial Realty Inc. has acquired the Long Beach Business Park for $24 million.
The Sawtelle-based company purchased the property, at 700-806 W. 14th S. and 701-733 W. Anaheim St. in Long Beach, from RPG 14.
In total, the multi-tenant park spans 123,532 square feet.

The seller was represented by Newmark Group Inc.’s Kevin Shannon, Bret Hardy, Scott Schumacher and Ken White.
“The location is coveted for its proximity to the largest port system in the United States which had its busiest year on record in 2021 and many of the tenants within this park are port related,” Shannon said in a statement.

During the fourth quarter, the South Bay industrial market had a vacancy rate of 0.7%, lower than the county average of 1.3%, according to data from Jones Lang LaSalle Inc.
The asking rent for properties in the area was $1.27 on a triple net basis, up 13 cents over the previous quarter and 24 cents over the previous year, JLL data shows.

The asking rent for the fourth quarter was also 15 cents higher in the South Bay than the county average.
Last year 18.3 million square feet of industrial space sold or leased in the South Bay, up from 17.3 million square feet the previous year, according to JLL data.

The L.A. industrial market has the second-lowest industrial vacancy rate in the U.S., according to data from Newmark. Its vacancy rate has been below 3% for the last 39 quarters.
Newmark said the Long Beach Business Park had a few additional advantages beyond its location.

“Significant upside also exists with a potential condo map overlay for a future user-sale exit strategy or a new ground-up industrial development given the relatively short terms of the existing small tenant leases,” Hardy with Newmark said in a statement.