West Los Angeles-based Rexford Industrial Realty, Inc., announced last week it acquired Ontario Airport Business Park, a five-building development in Ontario, Calif.
The deal, announced Feb. 13, was reportedly worth about $8.55 million, or $75.26 per square foot.
Ontario Airport Business Park is located at Milliken Avenue and Santa Ana Street near the Ontario International Airport.
According to a statement released by Rexford, the business park was purchased via a 1031 Exchange, which is a tax-deferred property acquisition tool. Rexford announced it used a portion of the proceeds from the sale of Kaiser in San Diego to fund the Ontario Airport Business Park acquisition.
The Kaiser deal was for valued at $10.1 million for an approximately 125,000 square-foot industrial complex.
“The property is a high quality industrial park, located in an ‘A’ location, with the potential to drive rental rates on future leasing activity as we implement our marketing and management programs. Further, with the sale of Kaiser, we were able to recycle capital into an opportunity to create additional value in a capital-efficient and tax-efficient transaction,” Rexford’s co-CEO’s Howard Schwimmer and Michael Frankel stated.
Ontario Airport Business Park is more than 113,000 square feet in size and, according to Rexford, was 95.4 percent occupied at the time of the acquisition.
The addresses of the five buildings are 845, 855, 865 Milliken Avenue and 4317, 4319 Santa Ana Street.
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 70 properties with approximately 7.6 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.
