Rexford Sells OC Industrial Building for $51 Million

Rexford Industrial Realty sold a 102,300-square-foot industrial building in Lake Forest for $50.9 million.

The Sawtelle-based real estate investment trust traded the two-story building at 20 Icon, in Foothill Ranch, the Los Angeles Times reported, citing a regulatory filing. The buyer was undisclosed.

The deal works out to $498 per square foot.

The building, constructed in 1999 on 6.6 acres, has a single tenant, whose lease expires next year, according to Compstak.

The sale was reported in a first-quarter earnings report released Wednesday. Rexford reported net income of $68.3 million, or $0.30 per diluted share, from $58.6 million, or $0.27 per diluted share, the prior period.

“Rexford Industrial delivered solid first-quarter performance, underscoring the strength of our platform and the discipline of our execution,” Howard Schwimmer and Michael Frankel, co-CEOs, said in a statement.

The deal came after Rexford sold a 127,800-square-foot industrial building at 1055 Sandhill Avenue in Carson for $52.5 million, or $411 per square foot. The empty building was sold to an unidentified buyer.

In January, Rexford bought a fully leased 300,000-square-foot warehouse at 2501 West Rosecrans Avenue in Compton for $137.2 million, or $457 per square foot.

Rexford, a major warehouse landlord in Southern California, executed 2.4 million rentable square feet of new and renewal leases last quarter, while comparable rental rates increased by 23.8 percent, according to the regulatory filing. Its properties were 95.9 percent occupied.

As of Dec. 31, Rexford owned 425 properties with 50.8 million rentable square feet, according to its website.

— Dana Bartholomew