Rexford Industrial Realty Sells 5.1-Acre Development Site In Irwindale For $14.5M

The asset involved in this transaction is a 5.1-acre development site located at 14005 Live Oak Avenue in Irwindale, CA. The property was sold for $14,500,000, equating to $65 per land square foot.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $14,500,000
• Address: 14005 Live Oak Avenue
• Market: Irwindale, CA
• Seller: Laura Clark - Rexford Industrial Realty
• Acres: 5.1

The transaction was notable as Rexford Industrial Realty opted to sell the land after shelving a planned development project that did not meet return targets. This sale is part of the company's strategy to free up capital for stock repurchases, as they shift away from acquisitions and reduce their development pipeline in response to softer market conditions in Southern California.