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Rexford Scores Leasing Success with Repositioning Strategy
Rexford Industrial Realty, Inc., headquartered in Los Angeles, has executed 1.5 million square feet of new and renewal leases across its portfolio thus far in the second quarter. These included 375,000 square feet of lease-up at of repositioning and redevelopment projects.
The repositioning/redevelopment leases included the following:
- 12821 Knott St., located in Garden Grove in the Orange County – West submarket. The 165,171-square-foot Class-A building was leased to a commercial electric vehicle platform provider for seven years.
- 14100 Vine Pl. (pictured), located in Cerritos. The 122,514-square-foot building was leased to an existing Rexford Industrial tenant, a third-party logistics provider with an immediate need for expansion, for five years.
- 15601 Avalon Blvd., located in Gardena. The REIT executed a 15-year lease at the newly redeveloped 86,879-square-foot Class-A warehouse/distribution building with a leading global bakery and sweet goods ingredient company.
“Our value-add leasing and repositioning strategies, delivered by our fully integrated, entrepreneurial team, favorably positions Rexford Industrial’s portfolio relative to the market, the majority of which is comprised of lower-quality, lower-functionality product, with over one billion square feet of in-place industrial stock built prior to 1980,” said co-CEOs Howard Schwimmer and Michael Frankel.
- ◦Lease
