Commercial Real Estate Transactions for the Week of May 27, 2024

A roundup of notable commercial real estate transactions.

Los Angeles-based industrial real estate owner and operator Rexford Industrial completed two investments in May for an aggregate purchase price of $143 million. The acquisitions were funded using cash on hand and 1031 exchange disposition proceeds.

The largest acquisition was in Fullerton, where it acquired a 278,572-square-foot building on a 12-acre site for $94.3 million or $338-per-square-foot. The single-tenant building at 1901 E. Rosslynn Ave. was fully leased and included excess land for outside storage and trailer parking.

In Irwindale, Rexford acquired a 134,542-square-foot complex on a six-acre site in an off-market transaction. The property is comprised of four newly developed industrial buildings with 30-foot clear heights and featuring dock-high loading.

Year-to-date, Rexford Industrial has completed $1.3 billion of investments.

Commerce

Transwestern Real Estate Services announced that it brokered a 14,117-square-foot lease for Abell Auction Company at 6620 Telegraph Road in Commerce in May. The company will use the new location to expand its showroom and auction services as well as for the storage of its expansive collection of fine art, antiques and designs.

“We are excited to continue to expand our operations as we respond to the continued demand for our auctions,” said Don Schireson, chief executive of Abell Auction Company, in a statement. Founded in 1916, Abell is the oldest auction house in California and remains family-operated in its fourth generation. Transwestern’s J.D. DeRosa represented Abell Auction in the transaction.