Unilev Capital Corp. Buys Industrial Building in National City

Rexford Industrial Realty Sells 79,000-SF Facility for $13.5 Million

Rexford Industrial Realty sold the industrial building at 131 W. 33rd St. in National City, California, for $13.5 million, or about $172 per square foot, to Unilev Capital Corp.

The 78,699-squaare-foot warehouse was renovated in 2002 and features a small office build-out, parking for 69 cars, two loading docks and two drive-ins, 20-foot clear heights, 800-amp heavy power, a fenced lot and building signage. It is located near the Interstate-5/State Route 54 interchange and adjacent to the 535 acre Chula Vista Bayfront Development.

At the time of the sale, the industrial building was 96% leased to multiple tenants. The new owner has retained CBRE to continue to lead leasing and management efforts at the property.

“As we continue with our efforts to grow and diversify Unilev’s portfolio, our current focus is generally industrial assets in the Western United States, with a primary focus on supply-constrained, infill markets throughout Southern California,” Unilev Co-Founder and Managing Principal Raymond Levy said in aa corporate statement announcing the acquisition. “We were excited about 131 W. 33rd Street in National City, as it perfectly fit our target of a strong-performing, multi-tenant industrial asset with low rents in a tight market.”

Matt Pourcho, Anthony DeLorenzo, Gary Staache, and Erik Parker with CBRE represented the seller. The buyer handled the deal, a 1031 tax-deferred exchanges, through its in-house investment team led by Levy, Ian Konowitch, and Peter Berges.

Source: CoStar