December 9, 2016
Los Angeles-based Rexford Industrial Realty, Inc. acquired a two-building industrial project in Rancho Cucamonga, CA from an undisclosed seller for $24.4 million, or approximately $86 per square foot.
The property, located at 12320 4th St., consists of 284,676 square feet of distribution space on 16.5 acres and is currently 100% leased to Heritage Bag Co.
Additionally, Rexford completed roughly $19 million in dispositions involving two SoCal industrial properties, one in Orange County and another in the South Bay. The sale proceeds and cash on hand were used to fund the acquisition.
The company says, through the end of 2016 and into 2017, it will continue to execute on growth initiatives, focused on creating value within SoCal, a high-barrier infill market that is also the nation’s largest and most tightly occupied industrial market.
Colliers International’s Bret Hardy, Rick Putnam and Mark Zorn represented both parties in the acquisition.
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