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California  + Inland Empire  + Industrial  | 

Rexford Nabs Fully Leased Ontario Warehouse

SoCal industrial specialist Rexford Industrial Realty Inc. has acquired 4422 Airport Dr. in Ontario, within the Inland Empire – West submarket, for $26.7 million or $303 per square foot. The seller was not disclosed. The Los Angeles-based REIT disclosed the acquisition, which occurred subsequent to the first quarter, in its Q1 earnings report.

Located adjacent to other Rexford-owned properties, the 88,283-square-foot building is 100% leased to two tenants and is generating a 5.5% initial unlevered stabilized yield. CBRE’s Rebecca Perlmutter Finkel, Barbara Perrier and Darla Longo at brokered the transaction.  Ryan Leslie, Christina Hwa and Corey Guerrero represented Rexford in-house.

According to CBRE, the vacancy rate in the 347-million-square-foot IE – West submarket was 5.1% at the end of Q1 2024.

Rexford’s Patrick Schlehuber is among the industry leaders who will come together on the Capital Markets panel at Connect Los Angeles 2024 on May 1 at the InterContinental in DTLA. Register now to hear from these industry experts and more. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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