66.1 F
Los Angeles
Monday, Oct 2, 2023

Rexford Industrial Realty Acquires Ontario’s Safari Business Center for $141 Million

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.

Featured Articles

Related Articles