LOS ANGELES—Rexford Industrial has acquired the Dupont Business Center, an 110,890-square-foot industrial facility on 5.7 acres. Rexford purchased the property for $10.2 million or $91 per square foot.
Rexford Industrial was attracted to the investment opportunity because of its prime location in the Inland Empire West. Located in Ontario’s foreign trade zone, the property is within close proximity to several major freeways, including the I-15, I-10 and 60 freeway.
In addition to the location, the Dupont Business Center is also a class-A industrial facility. With two-buildings, the property has ESFR fire sprinklers and high clear heights. Originally built in 2001 for multiple smaller-sized tenants, the property is currently 100% occupied by five tenants. According to Rexford’s co-CEOs Howard Schwimmer and Michael Frankel, the company will split the larger spaces as leases roll to generate higher rents.
This acquisition is Rexford Industrial’s 10th this year, gaining nearly 1 million square feet year-to-date with a special focus on Southern California. Recently, the public real estate trust acquired two additional properties in San Fernando and Crescent Bay for a total of $21.9 million. The two properties have a total of 176,978 square feet.