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| Light industrial portfolio, 10509 Business Drive and 13231 Slover Avenue in Fontana, CA east of Los Angeles |
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| Ryan Martin |
IRVINE, CA – HFF announced it has closed the $28.859 million
sale of a three-building light industrial portfolio totaling 343,413 square
feet near Los Angeles, California.
HFF marketed the property on behalf of the seller, KFG
Investment Company. Rexford Industrial,
LLC purchased the assets.
The 100-percent-leased portfolio located in the Inland
Empire West submarket consists of 10509 Business Drive and 13231 Slover Avenue
in Fontana, a city east of Los Angeles, and 12907 Imperial Highway in Santa Fe
Springs, a city southeast of Los Angeles.
Located half a mile apart, the Fontana properties are near
major transportation arteries, including Interstates 10 and 15 and the Pomona
Freeway (Highway 60), and are approximately 65 miles from the Ports of Los
Angeles and Long Beach and five miles from Los Angeles Ontario Airport.
The Business Drive property is a 130,788-square-foot
building situated on 6.87 acres and features 21 dock high loading doors and 24’
clear height. The Slover Avenue
building comprises 109,463 square feet on 5.3 acres and includes 16 dock high
doors and 24’ clear height.
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| Anthony J. Brent |
The Santa Fe Springs property is three blocks from the Santa
Ana Freeway (Interstate 5) and has easy access to Interstates 605 and 105. The property is also less than 23 miles
from the Ports of Long Beach and Los Angles and Los Angeles International
Airport. The 101,080-square-foot
building has 17 dock high loading doors and 30’ clear height.
The HFF investment sales team representing the seller was
led by managing director Ryan Martin and senior managing director Anthony
Brent.
“These assets were highly sought-after due to the infill
location and highly functional building features,” Martin said. “These will prove to be great additions to
Rexford Industrial’s rapidly growing portfolio.”
“The investment provides significant upside as the current
rents are considerably below current market rents,” Brent added.
KFG Investment Company is a privately owned real estate
investment company that is focused on the acquisition and repositioning of
industrial and multifamily properties and the ownership and entitlement of
residential land and residential master-planned communities.
Rexford Industrial is a real estate investment trust focused
on owning and operating industrial properties in Southern California infill
markets. The company owns interests in
98 properties with approximately 10.1 million rentable square feet and manages
an additional 20 properties with approximately 1.2 million rentable square
feet. For additional information, visit
www.rexfordindustrial.com.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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