Los Angeles, CA – January 21, 2008
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has acquired a 191,466-square-foot industrial building, located at 1946 East 46th Street in Vernon, Calif.
Kai Chon of Charles Dunn Company represented Rexford, and Bart Pucci and Drew Casani of Grubb & Ellis represented the seller, Xebec Commerce 46th Street, LLC, in the $14.5 million transaction.
The 46th Street property is centrally located in Vernon, an in-fill market where no vacant land exists for building new warehouse/distribution industrial product. The concrete tilt-up industrial building was constructed in five phases from 1961 to 1983 and has been continuously occupied by Jensen Industries, Inc., a supplier of quality postal specialty products, since originally built. Jenson is in the process of vacating the property.
Another buyer had been under contract, but when that buyer was unable to obtain financing, Rexford stepped in and completed the transaction. “This deal is particularly advantageous, because Rexford was able to pre-lease the oldest portion of the property in ‘as is’ condition,” said Rexford’s Co-Founder and Managing Partner Howard Schwimmer. The long-term lease is for 79,000 square feet with Royal Printex, a specialist in textile printing.
“We see great value in the remaining higher clear vacant space that will compete as a lower cost alternative to newer buildings in the market with much higher NNN charges. Our plans include a variety of capital upgrades, including the construction of additional office space, refurbishment of existing office space, and seismic and various cosmetic upgrades,” Mr. Schwimmer continued.
Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, manufacturing and R&D to flex industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.
About Rexford Industrial
Rexford Industrial LLC (www.rexfordindustrial.com) is a leading industrial real estate firm in Southern California. A well-capitalized private investment company, Rexford invests in all classes and every category of industrial properties. The company combines a uniquely creative, entrepreneurial approach to value creation with a conservative, risk-averse approach to investing that is designed to perform well during all phases of the real estate cycle. Rexford offers brokers unique investment incentives and capitalizes upon an exceptional network of loyal relationships in the industry. With a current portfolio of nearly five million square feet valued at more than $600 million, Rexford is targeting substantial growth through further acquisitions of industrial property. The firm is based in Los Angeles.