R
exford Industrial Realty has secured a major tenant for its 276,000-square-foot warehouse in Ontario. The Sawtelle-based real estate investment trust leased the property at 500 Dupont Avenue to an undisclosed third-party logistics firm, with the lease starting next month. Financial terms of the deal were not disclosed.

    The warehouse was purchased by Rexford in 2021 for $58.5 million, or $212 per square foot, and was previously leased to Armorcast Products at a rate significantly below market value. The property has since been renovated with additional offices, dock-high loading capabilities, upgraded fire sprinklers, and a secured container storage yard.

    Rexford's recent deal-making includes the purchase of Herbalife Plaza in Torrance for $41 million and the leasing of three industrial warehouses in Chatsworth to Voyant Beauty, a Chicago-based cosmetics firm. The REIT has focused on smaller buildings averaging 26,000 square feet to navigate the national warehouse slump.

    Rexford's warehouse vacancy rate stood at 2.7 percent in June, outperforming the Southern California infill market and the national industrial vacancy rate of 7.1 percent, which has increased from 4.7 percent a year earlier.