Rexford Industrial Acquires Development Site In Long Beach For $20M

Rexford Industrial has acquired a development site located at 3901 Via Oro Ave in Long Beach, CA. The property, previously owned by Wonderful Company, was sold for a total price of $20,000,000. The transaction took place off-market in August 2022.

Summary of transaction details:

• Property Type: Development Site
• Sale Price: $20,000,000
• Buyer: Rexford Industrial
• Seller: Wonderful Company
• Brokers: Chad Solomon & Mark Detmer - JLL

The sale involved a two-story office building with a total square footage of 133,729. The building will be re-developed into a Class A warehouse. The price per square foot for the property was $150, and the building's square footage price was $270.

Chad Solomon and Mark Detmer, representing JLL, played a crucial role in facilitating the transaction on behalf of Rexford Industrial. Their expertise and negotiation skills contributed to the successful acquisition of the property.