Rexford Industrial Scoops Vacant Facility

CHATSWORTH, CA—Rexford Industrial has purchased a 153,984-square-foot industrial property from 9401 De Soto LLC, the former owner/occupier of the property. The building was vacant at the close of escrow, and Rexford plans to take advantage of the vacancy by renovating the property before re-tenanting. The purchase price for the property is $14.1 million, or $92 per square foot.

“The business that was operating inside the building was downsizing and relocating, which made the need for this larger building unnecessary,” Chad Gahr, an SVP at NAI Capital, tells GlobeSt.com. “There was some deferred maintenance that needed to be addressed, which made this a keen opportunity for Rexford, rather than another owner/occupier. The size of the building combined with the fact that it has a modern 28-foot clearance height and multiple dock-high loading positions made it a prototype-class distribution building, which is what they like to hold in their portfolio. Now that it is vacant they are going to get the opportunity to do some significant upgrades to the building and really modernize and bring it up to today’s standards.” Gahr represented the buyer and seller in the transaction, along with his NAI Capital colleague, SVP David Young.