Rexford Buys Industrial Gem in Simi

 Rexford Industrial Realty has purchased Topaz Business Park, a six-unit industrial building in Simi Valley, for $46.4 million. 

The 242,101-square-foot asset at 2280 Ward Ave. is the largest ever sold in the submarket, according to Lee & Associates LA North/Ventura President Mike Tingus and principals Joe Jusko and Grant Fulkerson, who represented both Rexford Industrial and the seller.  

The brokers also handled leasing for the property’s previous owner/user, Topaz Distribution, and helped the asset reach 100 percent occupancy as of two months ago. 

Topaz Distribution purchased the asset a decade ago for $14 million. In 2015, the building went through a renovation and added 40,000 square feet of rentable space to its footprint. The property reached full occupancy as the pandemic continued to drive unprecedented market growth in Simi Valley. 

“The Ventura industrial market has experienced more growth since the pandemic than during the 13 years that preceded the first cases of COVID-19 in California,” Tingus said. “Even as the pandemic loosens its grip, there remains incredible demand that the marketplace can’t absorb. The result was a win-win for both the buyer, who expanded its footprint in the market, while the seller’s profit exceeded $32 million.”  

Rexford plans to hold the property as an investment and establish market rents. With few industrial investment opportunities and historically low vacancy rates, the stabilized building is a difficult-to-find entry point in the supply-strapped Ventura County market. 

Topaz Distribution continues to occupy roughly 51,000 square feet of space at the property. Other tenants include Tire Hub, Sooner Express, Frontline, Derma E and Lifetech Resources.