The Box Yard in Downtown Los Angeles has traded hands for $94 million. Rexford Industrial purchased the 261,582-square-foot property as part of its substantial June acquisitions from Bridge Industrial, which upgraded both the interior and exterior of the property before the sale with office finishes, LED lighting, warehouse air circulation fans, new paint, new signage, landscaping and improved site security.

The sale is an example of the strong demand for industrial product, according to Newmark executive managing director Andrew Briner, who adds that the sales price was a market-leading figure. Briner represented Bridge in the transactions along with fellow Newmark executive managing directors Bret Hardy and Jim Linn, co-head of U.S. Capital Markets Kevin Shannon and senior managing directors Scott Schumacher and Laura Stumm.

The property was 95% leased at the time of the sale to several tenants across a broad swath of industries, including e-commerce, tech, entertainment/studio, fashion, arts and creative uses. In addition, the ownership had signed five new leases in the last six months. However, Briner says that the property is also positioned to benefit from "outsized risk adjusted returns" through a targeted lease-up strategy.