IE Business Daily Business news for the Inland Empire.
A Los Angeles company has bought a two-building industrial property in Ontario.
Rexfield Industrial Realty Inc., a real estate investment trust that owns and operates infill properties, purchased the Dupont Business Center for $10.2 million, according to a statement.
The project, which was built in 2001, is on 5.7 acres within a foreign trade zone. It’s near Ontario International Airport and has quick access to Interstate 10, Interstate 15 and the 60 Freeway.
Both buildings combined total nearly 111,000 square feet, and both are fully leased. The purchase price was about $91 a square foot, according to the statement.
The transaction was announced Wednesday. The seller’s name was not disclosed.
The industrial market on the west end of the Inland Empire remains strong, with a 3.2 percent vacancy rate at the end of the first quarter of this year. That was about .8 percent lower than the entire Inland Empire, according to CBRE Group Inc.
Rexford Industrial owns interests in 76 properties with about 8.3 million square feet of rentable space, and manages another 20 properties with about 1.2 million rentable square feet, according to the statement.
