Rexford Industrial Purchases 989,195 Square-Foot Los Angeles Area Industrial Property for About $297 Million – CBRE
23 Nov 2020
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.
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