Rexford Industrial Realty — one of southern California’s most active industrial property buyers — capped off 2024 with a $137.4 million purchase of a 300,000-square-foot warehouse at 2501 W. Rosecrans Ave. in Compton, Calif. The acquisition price of $457 per square foot significantly exceeded Los Angeles’ year-to-date market average of $290 per square foot, according to data from commercial real estate (CRE) listing network CommercialEdge.

Built in 1987, the property is fully leased to logistics company Forward Air, which signed a 10-year lease for the entire space in April 2024. The seller, JPMorgan Chase & Co., maintains a substantial stake in Rexford: As of Q3 2024, it held roughly 26.9% of the REIT’s shares — valued at approximately $226.6 million.

2501 West Rosecrans Ave. Compton, Calif. 

Based in Los Angeles, Rexford specializes in infill industrial properties across southern California. The REIT had an active year that was highlighted by a $1 billion portfolio acquisition in March, which included 48 properties totaling 3 million square feet of industrial space from Blackstone. The deal averaged $332 per square foot with a reported occupancy rate of 98%.

Then, in October, Rexford acquired a 278,650-square-foot industrial facility at 13201 Dahlia St. in Fontana, Calif., for $70.1 million. The property was sold by AXA Real Estate, per CommercialEdge. Rexford’s portfolio now spans 424 properties and approximately 50.5 million square feet, exclusively within southern California.

LA Sees $2.5B in Industrial Sales Through November

Despite economic headwinds, southern California’s industrial markets — including Los Angeles — remained active in 2024, although signs of a slowdown materialized. For example, in-place rent growth slowed from 11% in July to 8.1% by November, placing Los Angeles eighth among major U.S. industrial markets for rent increases.

Meanwhile, the current wildfires in southern California have already seen commercial property losses in Los Angeles, with the full extent of the damage to industrial infrastructure yet to be determined as containment efforts are still underway.

On the sales front, Los Angeles’ average industrial property prices reached $290 per square foot through November, trailing only Orange County ($314 per square foot) and the Bay Area ($460 per square foot). As evidenced by Rexford’s recent acquisitions, transaction activity also demonstrated resilience: Los Angeles recorded $2.5 billion in sales through November – the second-highest in the county – just behind the Bay Area, which exceeded $3 billion.

For more information and a complete breakdown of the data, check out CommercialEdge’s original report.