Rexford Industrial Realty Inc., a Los Angeles-based industrial real estate investor that went public this year, has snapped up a pair of business parks in North County for about $23.3 million.
The company recently closed on the purchase of The Park, a six-building industrial business park along La Palma Avenue in Anaheim, just south the Santa Ana (I-5) Freeway.
The complex, which totals about 117,000 square feet, sold for $10.6 million in an off-market transaction.
The sale comes about a week after Rexford spent another $12.7 million to buy Yorba Linda Business Park, a four-building industrial property just north of the Riverside (91) Freeway.
The Yorba Linda property, which is about 115,760 square feet, was sold in an online auction, the second such sale of a Yorba Linda commercial property in about a month.
The deals are the first two Orange County properties that Rexford is reported to have bought in about two years; it now owns 24 industrial buildings in the county that combine for about 770,000 square feet.
The company raised $224 million in an initial public offering in July and has targeted Orange County as a source of deals, along with other infill markets in Southern California.
The Yorba Linda property is near Savi Tech Center, a 372,000-square-foot business park that was bought for more than $51 million about a month ago. It was also purchased in an online auction.
A venture between Hines Interests LP and Oaktree Capital Management LP bought Savi Tech Center.
Irvine-based real estate auction site Auction.com, in conjunction with the local office of brokerage Cushman & Wakefield Inc., oversaw both Yorba Linda sales.
Auction.com and Cushman & Wakefield also worked on the recent sale of an 85,536-square-foot office in Diamond Bar’s Gateway Corporate Center. Miami-based LNR sold the office for a reported $14.2 million at the end of October.
Irvine-based Muller Co., in a venture with Los Angeles-based Tryperion Partners, bought the Diamond Bar building, which is at 1370 Valley Vista Drive.
Relocation to Spectrum
FirstService Residential, one of the largest property management companies in the state, is moving the headquarters of its California operations from Aliso Viejo to the Irvine Spectrum.
The company, previously known as Merit Property Management, said it signed a lease for 15241 Laguna Canyon Road, a 45,000-square-foot building in the Discovery Business Center office park.
The California operations of FirstService Residential, whose national headquarters are in Dania Beach, Fla., will occupy the entire building and will move into the space next June, according to the company.
The building will hold the company’s Orange County operations, which total about 225 of FirstServices’ 650 employees in the state.
The company’s operations include residential property management, commercial association management, builder and developer consulting services, and escrow services.
Terms of the lease, made with Newport Beach-based landlord Irvine Co., weren’t disclosed. Other buildings at Discovery Business Center average monthly rents of about $1.30 per square foot.
Phoenix Rising
Newport Beach-based Buchanan Street Partners has snapped up a portfolio of buildings in the Phoenix area for $52.6 million.
It acquired the 10-building portfolio from Minneapolis-based Carlson Real Estate Co. in four separate sale transactions.
The buildings are a mix of office, industrial, office-flex and retail properties. They total 446,000 square feet and include several buildings in the Cotton Center business park, which is near Sky Harbor International Airport.
Buchanan Street now owns about 1.2 million square feet of commercial space in the Phoenix area.
Buchanan Street, in addition to being an office and industrial real estate investor, also remains active in arranging debt transactions.
The company said this month that it originated a $95 million mortgage for Peachtree Pointe, a 472,000-square-foot office and retail property in Atlanta that includes the headquarters for investment management company Invesco. Atlanta-based Dewberry Capital Corp. owns the complex.
Buchanan Street, in addition to using Wells Fargo to finance a $63 million senior tranche of the first mortgage, said it retained the senior mezzanine piece of $24.5 million for its own account, while New York-based Terra Capital funded the remaining $7.5 million in a junior mezzanine participation loan.
