Rexford Industrial Hot on Central L.A. Cooler Building
- Sep 21, 2015
There’s no sign that Rexford Industrial Realty is cooling down its acquisitions. The real estate investment trust that specializes in owning and operating industrial properties recently paid $172 per square foot for a single tenant cooler/freezer building located in City of Commerce. The total acquisition price stood at $12.2 million, bringing the company’s total investment volume for 2015 at over $162 million.
Located at 6020 Sheila St. in Commerce, the property is located on a 2.91-acre plot of land. The 70,877-square-foot industrial asset offers 36’clear height cubic storage and 12 dock-high loading doors. According to Rexford Co-Chief Executive Officers Howard Schwimmer and Michael Frankel, the company already managed to secure a tenant for the property. “Located in high-demand City of Commerce, we consummated a lease during escrow with an existing Rexford tenant for the entire space under a new, 10-year triple net lease.”
Following the acquisition, Rexford owns a stake in 113 properties, a portfolio that totals around 11.1 million rentable square feet in Southern California infill markets. The Sheila Street industrial property is located in the Central Los Angeles submarket, one of the area’s strongest in terms of occupancy.