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Tuesday, Jun 6, 2023

Rexford Industrial Realty Buys 36-Acre Property in Commerce

Rexford Industrial Realty Inc., a Westside-based real estate investment trust, has bought two industrial properties – one in Commerce, the other in Anaheim – for a total price of $127.1 million, the company announced.

The REIT purchased 5300 Sheila St., a 695,000-square-foot industrial building located on nearly 36 acres of land in Commerce, for $121 million or $174 per square foot.

The property has 36-foot maximum clear heights, 118 cross-dock loading positions and nearly four acres of excess land that can accommodate up to 435 containers, Rexford said. It is located within easy access of both the 5 and 710 freeways as well as nearby freight rail tracks.

Rexford also purchased 1190 E. Stanford Court in Anaheim, a 34,500-square-foot building, for $6.1 million, or $176 per square foot. The property is leased at below-market rent to one tenant. The REIT said it plans to upgrade the property, which is located in between the 5 freeway and Angel Stadium of Anaheim, and raise rents when the tenant’s lease expires in two years.

“These acquisitions demonstrate our ability to source high-quality industrial property investments at favorable values within infill Southern California, the most sought-after industrial market in the nation,” said Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael Frankel, in a statement.

The REIT also sold 1910 and 1920 S. Archibald in Ontario for $9.1 million, or $116 per square foot. The properties are located with easy access to the 60 freeway and Ontario International Airport. They were acquired as part of a three-property portfolio.

Rexford Industrial Realty shares rose 0.2 percent to $32.49 per share in Thursday trading on the New York Stock Exchange.

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.

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