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Thursday, Mar 28, 2024

Rexford Industrial Buys Chatsworth Complex for $29.6 Million

Rexford Industrial Realty Inc. announced Monday that it has acquired two industrial properties for $43.5 million, including one in Chatsworth for $29.5 million, or $115 per square foot. In the same deal, Rexford also picked up an Orange County industrial site at 5593-5595 Fresca Drive in La Palma for $14 million, or $122 per square foot. The acquisitions were funded with cash on hand. Ronald Kassan, Dustin Tondreau, Arthur Minassian and Garret Houghton of Beitler Commercial/TCN Worldwide represented both the seller and the buyer in the sale. “We continue to leverage our deep market knowledge and proprietary originations platform to source attractive off-market investments in Southern California’s high-demand infill industrial market,” said Howard Schwimmer and Michael Frankel, the firm’s co-chief executive officers, in a statement. The Chatsworth property, a complex consisting of four industrial buildings containing 256,200 square feet on 11.14 acres of land, is located at 9200-9250 Mason Avenue and 9171 Oso Avenue. The site is 100 percent leased to three tenants in the cosmetics industry. According to CBRE Group Inc., the vacancy rate in the 174 million square foot L.A. – San Fernando Valley submarket was 1.4 percent in 2018’s third quarter.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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