August 26, 2016
Los Angeles-based Rexford Industrial Realty, Inc. acquired 1600 Orangethorpe, a five-property industrial complex in Fullerton, CA The site was purchased from a joint-venture between Denver-based EverWest and Newport Beach, CA-based Operon Group for $40.1 million. The acquisition was funded using cash on hand.
The high-image business complex contains 345,756 square feet on 17.76 acres, and is 100% leased to eight tenants at average rents estimated to be more than 20% below market. Originally, the property was a build-to-suit corporate HQ for Chrysler Corp., and served as its west coast parts warehouse.
Rexford’s Howard Schwimmer says, “These well-located assets are leased at significantly below-market rents, providing near-term, value-add opportunities to increase net operating income.”
Cushman & Wakefield’s Rick Ellison, Randy Ellison, Jeff Chiate, Jeff Cole and Ed Hernandez handled the transaction.
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