Rexford Claims Commerce Industrial for $21M
Los Angeles-based Rexford Industrial Realty, Inc. acquired an industrial building in Commerce for $21 million. The 120,000 square-foot space is currently fully-leased to Color Image Apparel, Inc. The entrenched apparel manufacturing tenant is in at a rent estimated to be 40% below market with a near-term lease expiration.
Located at 6687 Flotilla St., the divisible, single-tenant industrial building sits on a 5.1-acre lot. The property features high-image office, 20- to 24-foot clear heights, extensive dock-high loading and a large secured yard.
CBRE’s Jeff Stephens, Jack Mergenthaler and Evan Crawford represented the unnamed private seller. The buyer was self-represented. The acquisition was funded using cash on hand.
Stephens says, “This is a very well-maintained and functional industrial building located in the highly sought-after Central Los Angeles industrial market. The buyer recognized the opportunity to acquire such a quality asset in an area that has one of the tightest vacancy rates of any market in the nation.”
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