Rexford Industrial Lands Tenant at SoCal Facility
A distributor of kitchen appliances and bathroom fixtures has leased the space for 10 years.
2390 Ward Ave.
Snyder-Diamond Corp., a distributor of kitchen appliances and bathroom fixtures, has agreed to occupy 76,000 square feet of industrial space in the burgeoning Simi Valley, Calif.
Lee & Associates brokered the $13.9 million, 10-year lease on behalf of the landlord, Rexford Industrial Realty, while Peak Commercial represented the tenant.
Built in 1989, the industrial facility at 2390 Ward Ave. features 138,700 square feet of rentable space with loading doors, dock leveler, dock bumpers, sky lights, fire sprinklers and HVAC climate control systems.
The property also offers 6,600 square feet of dedicated office space, along with 347 parking spaces in a 2.5 spaces per 1,000 square feet parking ratio, according to CommercialEdge data. Other tenants at 2390 Ward Ave. include All American Containers and Ricoh, according to the same data provider.
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The property is located on 7.7 acres in the Simi Valley/Moorpark area. The submarket ended the first quarter of 2022 with 162,127 square feet of vacant industrial space reflecting a vacancy rate of just 1.2 percent, as demand continues to outpace supply.
Rexford Industrial bought the industrial facility in 2017 for $16.5 million. Active in the Southern California market, the company has recently acquired another four industrial assets in Long Beach, Chatsworth, Eastvale and Santa Fe Springs, in an off-market transaction, for a combined $82.7 million.
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