Rexford Pays $70M for Inland Empire Facility
Rexford Industrial has paid $70.1 million for 13201 Dahlia St., a 278,650-square-foot industrial facility in Fontana, Calif., an Inland Empire submarket, in a JLL-brokered deal. AXA Real Estate sold the asset, according to CommercialEdge information.
The property traded for about $251.6 per square foot, well above the $232 market average registered year-to-date through August, a CommercilaEdge industrial report shows. The property formerly changed hands in December 2020 in a portfolio deal comprising almost 8 million square feet, with Cabot Properties as seller.
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Completed in 1989, the cross-dock building was fully leased at the time of sale to Eaton, an Irish manufacturing company, the same data provider shows. The facility features 30-foot clear heights, 59 dock-high loading doors and four drive-in doors, as well as dock levelers and bumpers. Additionally, the warehouse has 115-foot truck courts and about 100 parking spaces and office space.
Located on almost 13 acres, the Class A building provides easy access to interstates 10 and 15 and is some 4 miles from the Ontario International Airport. Downtown Riverside is 13 miles away, while downtown Los Angeles is within 45 miles west.
The JLL Investment Sales and Advisory team included Senior Managing Directors Mark Detmer and Patrick Nally, along with Senior Director Evan Moran. The JLL Inland Empire Markets team comprised Executive Managing Director Mike McCrary, Senior Managing Directors Jeff Bellitti and Ruben Goodsell and Managing Director Hunter McDonald.
Rexford’s recent industrial expansion
Rexford focuses on investing in, operating and redeveloping industrial properties throughout infill Southern California. The company’s portfolio currently comprises 422 properties totaling about 49.5 million rentable square feet.
Earlier this March, Rexford Industrial Realty paid $1 billion for a 3 million-square-foot portfolio. Blackstone Real Estate was the seller of the 48 properties in separate transactions. The buildings were on average 98 percent leased at the time of sale.
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