Rexford Industrial Realty has added to its Los Angeles area buying binge in 2019 with two new warehouse purchases for a combined $100 million.
One of L.A.’s most active industrial investors, Rexford acquired properties in Rancho Dominguez and Pomona, the company said. The purchases give the L.A.-based real estate investment trust $956 million in Southern California this year.
Rexford funded the acquisitions with cash on hand.
The REIT paid $87 million for the 751,000-square-foot Pomona Distribution Center in Pomona. The deal pencils out to $117 per square foot. The fully-leased building is located at 1601 W. Mission Blvd., and the property is spread across 32 acres.
The industrial vacancy rate in that San Gabriel Valley submarket was 1.4 percent as of the third quarter, according to CBRE.
For the Rancho Dominguez property, Rexford paid $12 million, or $207 per square foot. The 57,300-square-foot building is located at 2757 E. Del Amo Blvd. in the South Bay submarket. The vacancy rate there was 0.7 percent, according to CBRE.
The two deals come at a time when L.A. County’s strong industrial market is showing some signs of slowing, but only for a lack of supply.
Rexford is one of the largest industrial landlords in Southern California, with more than 26.5 million square feet of property across the region, about half of which is in L.A. County.
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