LA Office-to-Industrial Redevelopment Moves Forward

June 26, 2026

Industrial Development Investment Los Angeles More News West

The property used to serve as the headquarters of an EV company.

Dermody has acquired a 146,765-square-foot office campus in Gardena, Calif., planning to redevelop it into a 180,705-square-foot industrial facility dubbed LogistiCenter at 110. Rexford Industrial sold the asset for $34.9 million, according to Yardi Matrix.

The campus used to serve as Faraday Future’s headquarters, an EV company that sold it in a sale-leaseback to Atlas Capital Group in 2019. Rexford Industrial later acquired the asset as part of a larger, five-property deal totaling $170 million in 2022.

Construction works are already underway, with completion slated for the second quarter of 2027. Upon delivery, the new warehouse will feature a clear height of 36 feet, 21 dock doors and a two-story office component. The facility, catering to e-commerce and distribution tenants, is targeting LEED certification.

Located at 18455 Figueroa St., the property is in Los Angeles’ South Bay submarket. The area is one of the leading logistics hubs in the nation on account of its proximity to the Port of Los Angeles and connectivity to regional freight networks, according to prepared remarks by Dermody CIO Tim Walsh.

Since its inception, Dermody has acquired and developed more than 110 million square feet of logistics facilities, currently having more than $7.8 billion in assets under management. Its California portfolio includes the 1.1 million-square-foot Building 1 at the Tripoint Logistics Center, acquired last year for $145.2 million last year, Yardi Matrix shows.

California industrial assets continue to be the priciest

Los Angeles posted the third-highest price per square foot across industrial deals in April, according to a Yardi Matrix report. Assets sold for $279 per square foot on average, below Orange County ($299) and the Bay Area ($303). The U.S. average clocked in at $138 per square foot.

One of the market’s priciest deals closed in January, when EQT acquired a warehouse from PepsiCo for $655 per square foot, Yardi Matrix data shows. The 78,639-square-foot property changed hands for $51.5 million.