SANTA ANA, CA-Rexford Industrial LLC's recent sale of a 187,000-sf industrial building for $22.3 million signals the completion of a renovation and repositioning program that began in early 2006 when the firm acquired the property. The warehouse and distribution facility is situated on more than 8.4 acres at 601 W. Dyer Rd.
The property was sold by Rexford Industrial Fund III, which the L.A.-based firm established in 2005 as the third in a series of value-add industrial real estate funds managed by Rexford Industrial. Rexford sold the property to another L.A.-based investor, the Bloom Family Trust.
Rexford bought the Dyer Road building for $13.1 million, according to a GlobeSt.com report at the time of the acquisition. The L.A.-based company then spent well over $2 million repairing and renovating the building to like-new condition, according to Rexford co-founder and managing partner Howard Schwimmer.
Built in 1973, the Dyer Road building was recently vacated by US Foods Inc. and is now 26% occupied by Logomark. It is situated one mile west of Interstate 55 at the Dyer Road exit.
Schwimmer notes that the renovations enhanced the value of the building as a multi-tenant distribution facility in the Irvine business complex submarket, regarded as the strongest submarket in Orange County. Rexford secured tenant Logomark's new, 48,000-sf lease, and while still marketing the remaining fully renovated space, was able to negotiate the sale at a price enabling the company to achieve its investment goals, Schwimmer says.
The recent sale was brokered by Kevin Turner of the Irvine office of Voit, who represented both the buyer and the seller along with fellow Voit broker Michael Hartel.
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