Belgium-based bakery supplier Puratos has leased an 86,900-square-foot warehouse in Gardena from Rexford Industrial Realty.
A supplier to the “bakery, pastry and chocolate industry” has leased a newly constructed warehouse at 15601 South Avalon Boulevard, Business Observer reports. The landlord is Rexford, a Sawtelle-based REIT.
Terms of the South Bay lease were not disclosed. Broker Edward Michino of NAI Capital represented the tenant.
The distribution warehouse, which opened this year, is 12 miles from Los Angeles International Airport and 20 miles from the ports of Los Angeles and Long Beach. It has electric car charging.
“Competition for state-of-the-art warehouse space remains high and availability is limited,” Michino told the Observer. “This exceptional facility at a major transportation hub in the South Bay provides a strategic location for Puratos to expand its operations.”
Industrial rents in Los Angeles rose 13.1 percent after the first quarter, the second-highest annual increase in the nation, according to commercial edge.
After Orange County and the Bay Area, Los Angeles is the third most expensive market for U.S. renters, with an average asking price of $11.80 per square foot. It also has one of the lowest vacancy rates.
Rexford manages 364 properties with 44 million leasable square feet. The occupancy rate of the owner’s assets is nearly 98%. The Observer.
The industrial REIT reported first-quarter net income of $58 million, up 32% from a year earlier. real deal. Revenue was $186 million, also up 32 percent from last year’s $141 million.
Last year, Rexford spent $2.4 billion on industrial real estate, up from $971 million in 2019, when it reported annual net income of $50.5 million — what the company now earns in a quarter.
In March, the industrial investor bought an 18-acre Hertz parking lot near Los Angeles International Airport in a sale-leaseback deal for $143 million. The site is zoned for industrial use.
In two recent acquisitions, Rexford paid $27.5 million for a 6.6-acre industrial estate at 13925 Benson Avenue, Chino; and a $14.6 million South St. A property at 19301 Duffy Drive, According to The Observer.
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— Dana Bartholomew
