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Rexford Makes Industrial Play

LA JOLLA, CA-The Los Angeles-based industrial investment and development firm acquires the La Jolla Sorrento Business Park for $10.6 million. Located on nearly six acres, the industrial complex counts 98,940 sf.

By Daniel D. Williams | Updated on March 13, 2005

LA JOLLA, CA-Investment activity in the industrial sector has been brisk of late, with Los Angeles-based Rexford Industrial LLC adding to the deals by making a recent buy in the Sorrento Valley industrial market. The company paid Sorrento Associates $10.6 million for the La Jolla Sorrento Business Park, a 10-building, 98,940-sf, multi-tenant business park.

Located on nearly six acres, the property has leasing opportunities, with units available ranging form 800 sf to 10,000 sf. Nick Psyllos and Dean Asaro of CB Richard Ellis represented the buyer and seller in the sale. CB Richard Ellis will handle leasing for the project.Located at 10439-10447 Roselle St., the complex sits at the intersection of the I-5 and I-805 in the Sorrento Valley industrial submarket and includes four multi-tenant, industrial incubator buildings totaling approximately 30,851 sf. Also on the site are six freestanding industrial buildings, which range in size from roughly 8,000 sf to 16,000 sf. In all, these six buildings total 60,089 sf. The complex fits Rexford’s investment criteria of focusing on class B and C, value-added projects that range from $3 million to $30 million, according to a company document. Rexford looks for “infill locations on major or secondary arterials,” according to the report. The company, which counts executives from leading REIT Arden Realty, including chairman Richard Ziman, among its chief investors, has offices in Los Angeles and Newport Beach. In the next 18 months, Rexford has plans to add more than $200 million in industrial property to its portfolio.

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