Rexford Industrial Purchases 989,195 Square-Foot Los Angeles Area Industrial Property for About $297 Million – CBRE

23 Nov 2020

Gateway Whittier

The transaction drew more than 15 initial offers

Los Angeles – Nov. 23, 2020 – CBRE announced that Gateway Pointe, an industrial campus in Whittier, Calif., sold to Los Angeles-based industrial real estate investment firm Rexford Industrial for $296.6 million, or $300 per square foot.

Darla Longo, Barbara Perrier, Rebecca Perlmutter, Brett Hartzell, Joe Cesta and Eric Cox of CBRE represented the seller, Seattle-based investment firm Washington Capital Management, Inc. on behalf of one of its account clients, in the transaction. Rexford was self-represented.

Located at 3629, 3735, 3931 & 3963 Workman Mill Road, the 989,195 square-foot Class-A property was originally constructed in 2006. Gateway Pointe was fully leased at the time of sale to three tenants, including fashion company Michael Kors and logistics companies DHL and JUSDA. The property features 30’ clear heights, gated truck court and fully secured yard.

Gateway Pointe is less than two miles from the interchange between I-605 and SR-60, two major freeways that connect Whittier to the rest of Southern California.

“This asset experienced incredible demand, fielding over 15 initial offers,” said Longo. “This nearly 1 million square-foot deal is very rare. It highlights the resilience of the Los Angeles industrial market, as investor demand remains incredibly high despite the ongoing pandemic and the resulting challenges to our regional, national and global environment.”

In the third quarter of 2020, user transaction activity skyrocketed in the Greater Los Angeles industrial market, increasing 55.6 percent quarter over quarter and 58.3 percent year over year to 11.5 million square-feet. Pent-up demand that had accumulated in the first and second quarters due to economic uncertainty and government restrictions drove transaction activity to a level not seen since the first quarter of 2017, according to a CBRE research report.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.