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California  + Inland Empire  + Industrial  | 

Rexford Buys Ontario Industrial Park for $141M, Divests San Diego Asset for $40M

Connect Industrial is heading to Chicago, June 28th. Here’s where to get more details and register.

Rexford Industrial Realty, Inc. acquired a 16-building industrial park in Ontario, CA from Los Angeles-based ARA for roughly $141.2 million. The REIT also completed the sale of an industrial property in San Diego for roughly $40.1 million. Proceeds from the disposition were reinvested into the new acquisition through a 1031 exchange with the balance of the purchase funded via a line of credit.

In October 2015, Rexford acquired the former Main Postal Annex facility in San Diego for $19.3 million. The company secured entitlements for a planned repositioning, but received an unsolicited offer for the vacant property. The undisclosed buyer plans to convert it to mixed creative office and residential use.

Safari Business Center totals roughly 1.14 million square feet on 52.2 acres adjacent to the Ontario Airport. The 97%-leased property is leased to 75 tenants. Rexford estimates in-place rents are roughly 17% below market, on average.

CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the seller and buyer. Additionally, JLL’s Jeff Bellitti and Mac Hewett, the property’s leasing brokers, assisted in the sale.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Development
  • ◦Sale/Acquisition
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