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Rexford spends $365m on 1.1msf warehouse in Southern California
Rexford Industrial Realty has plans to spend $365 million on a 1.1 million-square-foot warehouse in the Inland Empire, reported the firm’s fourth quarter earnings report.
The asset is located at 10545 Production Ave., Fontana, Calif. The class A, cross-dock industrial building is on 45.9 acres and is occupied by Tireco, a distributor of tires, through a sale leaseback.
According to CBRE, the vacancy rate in the 331 million-square-foot Inland Empire – West submarket was 1.1 percent as of fourth quarter 2022.
During 2022, the company completed 52 acquisitions representing 61 properties with 5.9 million square feet of buildings on 319.6 acres, including 31.5 acres for near-term redevelopment, for an aggregate purchase price of $2.4 billion.