A nearly 139,000-square-foot warehouse has sold in Simi Valley for $16.5 million.
The industrial building at 2390 Ward Ave. sold in an off-market deal to Rexford Industrial Realty Inc., an industrial-focused real estate investment trust in Los Angeles, for almost $119 a square foot, according to Rexford. The seller was Majestic Asset Management Inc. of Agoura Hills, which bought it in 2012 for about $58 a square foot, or half the current selling price.
The Class B industrial building on 8 acres was constructed in 1989 and has two tenants, ceilings with 28-feet clear height, an above-standard dock-high door ratio and excess parking with low site coverage.
Scott Caswell at Lee & Associates-LA North/Ventura brokered the deal on behalf of the buyer and seller.
Rexford bought the building as part of a 1031 exchange, which allows buyers to avoid paying certain taxes on sales of buildings by buying other properties. The trust sold 9375 Archibald Ave., also in Simi Valley, for about $7 million, or $110 per square foot, which it used toward funding the purchase.
"We continue to source and close accretive investments with stable cash flows in our supply-constrained target infill Southern California submarkets, and, in this case, we were able to efficiently recycle proceeds from the sale of a non-core asset," said Howard Schwimmer and Michael Frankel, co-chief executives of Rexford, in a statement.