{"id":1004573768,"date":"2022-03-30T12:47:22","date_gmt":"2022-03-30T20:47:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004573768"},"modified":"2022-12-08T18:19:28","modified_gmt":"2022-12-09T02:19:28","slug":"rexford-industrial-pays-42m-for-la-area-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-pays-42m-for-la-area-office-campus\/","title":{"rendered":"Rexford Industrial Pays $42M for LA-Area Office Campus"},"content":{"rendered":"
\"\"<\/a>

21415 Plummer St.<\/p><\/div>\n

Rexford Industrial <\/strong>has acquired the 231,769-square-foot office campus within Chatsworth Business Park in Chatsworth, Calif., in an off-market transaction, for $42 million. The seller was Laramar Chatsworth Associates. CBRE<\/strong> brokered the sale on behalf of the seller.<\/p>\n

Originally built in 1985, at 21415 \u2013 21615 Plummer St., the two-building low-rise property is situated across 9.1 acres of industrial-zoned land. The office space is 85 percent leased to two tenants, including the County of Los Angeles, which has been at the property since 2000.<\/p>\n

Office-to-industrial redevelopment<\/h2>\n

Once the current leases expire, the new owner plans to reposition the property as industrial space. Rexford will remove the two office structures and build two Class A, 32-foot-clear warehouse buildings totaling 182,000 square feet.<\/p>\n

The CBRE team led by Mark Schaffer, Mike Longo, Anthony DeLorenzo, Todd Tydlaska, Sean Sullivan, Matt Heyn and Bennett Robinson brokered the off-market transaction on behalf of the seller.<\/p>\n

Schaffer said in prepared remarks that the high demand for industrial space within the L.A. metro created the opportunity for office-to-industrial redevelopments in infill locations. He added that the strong in-place income from the existing office tenants along with the possibility to repurpose the property influenced Rexford’s decision to move forward with the transaction.<\/p>\n

According to CommercialEdge\u2019s latest national industrial report, Los Angeles\u2019 industrial rent growth went up 6.7 percent <\/a>year-over-year as of February, while the metro\u2019s vacancy rate stood at 2.5 percent, well below the national average of 5.2 percent. Since L.A.’s industrial properties under construction represented only 0.6 percent of the total stock as of the end of February, the market is expected to remain tight. Thus, office-to-industrial redevelopments offer a viable opportunity to address the area’s strong demand for industrial space.<\/p>\n

Last month, Rexford Industrial expanded its Southern California industrial portfolio with five acquisitions totaling $170 million. The company targeted properties with high value-add potential<\/a> across key submarkets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company plans to reposition the property as industrial space.<\/p>\n","protected":false},"author":3142,"featured_media":1004573769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1594,21742,21747,15],"tags":[32789,36563,35630],"class_list":["post-1004573768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-laramar-group","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"\nRexford Industrial Pays $42M for LA-Area Office Campus - CPE<\/title>\n<meta name=\"description\" content=\"Rexford Industrial bought an office campus in Chatsworth, Calif., which will be turned into class A industrial space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-pays-42m-for-la-area-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexford Industrial Pays $42M for LA-Area Office Campus\" \/>\n<meta property=\"og:description\" content=\"Rexford Industrial bought an office campus in Chatsworth, Calif., which will be turned into class A industrial space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-pays-42m-for-la-area-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-30T20:47:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:19:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/21415-Plummer-St.-e1648627927508.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anda Rosu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-pays-42m-for-la-area-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-pays-42m-for-la-area-office-campus\/\",\"name\":\"Rexford Industrial Pays $42M for LA-Area Office Campus - 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