A 28,000-square-foot warehouse at Van Nuys Airport Industrial Center has leased to an undisclosed West Los Angeles company for the storage of baby products.The Calabasas-based Newmark team of John DeGrinis, Patrick DuRoss and Jeff Abraham represented landlord Rexford Industrial Realty Inc. in the deal. Marc Bretter of Cresa represented the tenant.Financial terms of the lease were not disclosed.“We’re excited to get another lease signed representing Rexford Industrial at Van Nuys Airport Industrial Center,” Abraham said. “16333 Raymer Street was built in 2006, has 24-foot warehouse clear height and four-rear dock high doors. … With its location blocks away from the 405 freeway, we knew it would attract users from all over.”Before the lease was signed, the site had multiple offers, according to Abraham.“This is the ninth transaction we’ve completed with Rexford Industrial since they acquired the business park in December 2020,” he said.According to Newmark data, the Central San Fernando Valley’s industrial sector currently has a vacancy rate of 0.3 percent.“This particular submarket has been under 1 percent vacancy every quarter since Q1 of 2015,” Abraham added.Earlier this year, Rexford acquired a massive industrial portfolio at the Van Nuys Airport Industrial Center for roughly $155 million. The Valley investment — comprised of 18 separate buildings — spans 426,466 square feet.
Technically, it was acquired for $140.6 million, but the deal also included a pair of fully leased industrial land parcels totaling 4.14 acres that was purchased for $14 million.“This investment demonstrates Rexford’s sharp-shooter advantage by leveraging our proprietary originations platform to acquire an 18-building portfolio of irreplaceable industrial properties through an off-market transaction in one of the nation’s lowest-supply, highest-demand submarkets,” Rexford Co-Chief Executives Howard Schwimmer and Michael Frankel said in a contemporaneous statement.
Baby Outfit Leases at Rexford Site
