Rexford Industrial purchases industrial facility in California

LOS ANGELES, July 19, 2023 –  JLL Capital Markets announced today that it arranged the sale of 5630 Cerritos Ave., an infill light industrial facility totalling 76,032 square feet in the highly sought-after West Orange County submarket of Greater Los Angeles, California.

JLL represented the seller, Penwood Real Estate Investment Management, LLC, through its fifth value-added investment vehicle, Penwood Select Industrial Partners V, L.P., and procured the buyer, Rexford Industrial.

Built in 1989, the building features 26-foot clear height, eight dock-high positions, one grade level door and rear-load configuration. The property is situated on a 3.55-acre parcel and is fully leased to a single tenant.

The property is near I-5, I-405, I-605, CA-22, and CA-91 freeways all of which are within five miles, offering exceptional regional connectivity and attractive signage opportunities. It is also conveniently located 25 miles from eight Union Pacific and BNSF intermodal rail yards and 28 miles from the Los Angeles International Airport

The JLL Capital Markets Industrial team was led by Senior Managing Directors Mark Detmer and Jeff Bramson, Managing Directors Ryan Sitov, Andrew Harper and Brian Halpern, and Directors Matt McRoskey and Will Poulsen.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                          

Penwood is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a Registered Investment Adviser based in West Hartford, CT. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to optimize value for investors. Penwood’s investment focus remains on value-add investment opportunities in Southern California, Las Vegas and New York/New Jersey due to the diverse demand generators, inherent supply constraints, proximity to dominant seaports, and unparalleled transportation infrastructure.

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand, lowest supply market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprises 356 properties with approximately 42.4 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.