LOS ANGELES—Rexford Industrial has purchased a 100,851-sq.-ft. distribution warehouse in the South Bay area of Los Angeles. The building, located at 1661 West 240th St., sold for $5.27 million in a short-term sale lease-back deal.
The deal will allow the current owner to remain in the building while it consolidates and moves the company’s operations to the East Coast. After that, Rexford plans to fully renovate the property, turning it into a state-of-the-art single-tenant distribution/warehouse.
“This property offers great upside potential,” said Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial in a statement. “The renovated building will ideally serve port related users offering a large amount of parking with the addition of 13 new dock loading positions.”
Michael Collins, Peter Von Hagen and Jeffery Potter of Daum Commercial Real Estate represented both the buyer and seller in the transaction.