Rexford Industrial Realty has acquired the Fox Racing headquarters in Irvine for $40 million, according to Newmark.
The 82,645-square-foot building is leased to the extreme sports company, which was acquired in August 2022 by Vista Outdoor for $540 million. Vista owns 40 brands in the outdoor apparel and accessories market including Remington Ammunition, Bushnell, CamelBak, Bushnell Golf, Bell Helmets, Giro, QuietKat and Federal Ammunition.
Griffin Realty Trust, the seller, bought the building at 16752 Armstrong Ave. for $27.25 million in October 2013, Newmark said.
The facility, with a distinctive, arched red entrance and adjacent BMX track, has “themed architecture” that spans two floors of office space with conference rooms, common areas, a lobby and designated workspaces.
The campus also has a skate park, gathering space and fire pits. In the pedestrian space between the building and race track, the words “dream on” are crafted in the ground out of giant concrete letters.
“The industrial market fundamentals in Orange County remain solid with a vacancy rate of less than 2 percent,” said Paul Jones, an executive managing director at Newmark. “The ability to acquire 6.5 acres in a mature infill industrial market with strong existing yield was compelling.”
Ex-Ride Aid in Garden Grove sells for $5.33M
A former Rite Aid in Garden Grove has been acquired by MK Capital Partners GG LLC for $5.33 million, according to the brokerage Beta Agency in El Segundo.
The property at 12491 Valley View St. includes the 27,649-square-foot store and a sublease to a local medical office in a portion of the building.
Beta Agency represented the seller, an unidentified family trust in Los Angeles. The buyer was also represented by Beta’s team.
“The buyer acquired the former Rite Aid box because of its excellent real estate fundamentals, strong probability to re-tenant with a credit tenant in the future and provided for three years of cash flow while the buyer implements his re-positioning plan to backfill the building,” said Adam Friedlander at Beta. “We were able to generate 17 offers from qualified buyers.”
Glidewell’s Irvine facility gets a $3.3 million upgrade
BLT Enterprises, a real estate investment company, has completed $3.3 million in renovations to an industrial building in Irvine used by Glidewell Dental Ceramics Inc.
BLT said the improvements at 17466 Daimler St. were done to meet the needs of Glidewell, which occupies the entire 40,645-square-foot property.
The renovations created a breakroom on the mezzanine level in addition to an existing ground-floor breakroom. Workstation layouts and locations were redeveloped, and the facade was updated to include a patio area with amenities. The bathrooms got updated, too.
The Newport Beach-based dental device company signed a 10-year lease with BLT, which acquired the property in 2020.
An earlier renovation included updating the property’s exterior shell, a seismic upgrade and some interior refurbishments.
The firm worked with contractor Turelk and architects Ware Malcomb on the updates.
Newly created Irvine developer buys Vegas land
DIV Industrial, a newly formed investor and industrial real estate development firm in Irvine, has acquired 94 acres of land in the Las Vegas industrial market where it will a 1.7-million-square-foot Class A industrial complex.
Terms of the acquisition were not disclosed.
DIV bought the land in an unimproved condition with entitlements in process. A groundbreaking for the El Dorado Valley Logistics Center is expected this summer.
The acquisition is the first significant development project for DIV, which was established in late summer 2022 by Nicholas Ilagan and Jessica Quesada. The firm said it is actively raising capital for its first fund, aimed at $2 billion of industrial development and entitlement projects in the Western U.S.
The Alderson Tassi Team at Cushman and Wakefield represented DIV in the transaction.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register
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