Rexford Industrial Realty, Inc., headquartered in Los Angeles, has executed 1.5 million square feet of new and renewal leases across its portfolio thus far in the second quarter. These included 375,000 square feet of lease-up at repositioning and redevelopment projects. The repositioning/redevelopment leases included 12821 Knott St., located in Garden Grove (Orange County – West submarket), 14100 Vine Pl. (Cerritos) and 15601 Avalon Blvd.(Gardena).
The 165,171-square-foot Class-A building at 12821 Knott St was leased to a commercial electric vehicle platform provider for seven years; the 122,514-square foot building at 14100 Vine Pl was leased to an existing tenant for five years; while the newly redeveloped 86,879 square foot Class A warehouse/distribution building at 15601 Avalon Blvd was leased to a leading global bakery and sweet goods ingredient company on a 15 year term agreement .
Co CEOs Howard Schwimmer & Michael Frankel noted that their value add leasing & repositioning strategies have favorably positioned Rexford Industrial’s portfolio relative to market conditions given that over one billion square feet of industrial stock built prior 1980 is currently available with lower quality & functionality product offerings .
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