Rexford Industrial Realty Acquires Industrial Property in South Bay for $15.5 Million
Rexford Industrial Realty has acquired an industrial property in South Bay for $15.5 million.
Rexford Industrial Realty has acquired an industrial property in South Bay for 15.5 million. The property, located at 15505 & 15601 South Avalon Boulevard, spans 63,691 square feet and was sold at a price of 81 per square foot. The buyer, Rexford Industrial Realty, was represented by Howard Schwimmer. The property was sold by an undisclosed seller.
The property is located in the South Bay market, which is known for its strong industrial sector. The South Bay market has a vacancy rate of 1.6%, which is well below the national average of 5.5%. The market has seen strong demand from e-commerce and logistics companies, which has driven up rents and property values.
The property itself is a Class B industrial building that was built in 1964. It features 24-foot clear heights, 10 dock-high loading doors, and ample parking. The property is currently 100% leased to a single tenant, which provides stable cash flow for the buyer.
Rexford Industrial Realty is a real estate investment trust that specializes in owning and operating industrial properties in Southern California. The company has a portfolio of over 200 properties totaling more than 26 million square feet. Howard Schwimmer is the co-founder and CEO of Rexford Industrial Realty.
The seller of the property has not been disclosed. The property was marketed by a team of brokers from an undisclosed brokerage firm. The brokers were not available for comment.
The acquisition of this property is in line with Rexford Industrial Realty’s strategy of acquiring high-quality industrial properties in strong markets. The company has been active in the South Bay market, having acquired several properties in the area over the past few years. The company’s focus on industrial properties has been driven by the strong demand for industrial space in Southern California, which is expected to continue in the coming years.