The transformation of an aging industrial site has set the bar for similar projects in Orange County, California.
Rexford Industrial Realty, an industrial owner based in Los Angeles, finished repositioning 12752-12822 Monarch St. in Garden Grove last year, turning the neglected site into a Class A campus. The project was been selected by a panel of local industry professionals as worthy of a 2024 CoStar Impact Award.
Rexford bought the 11-acre site with around 276,000 square feet of space in 2019 for roughly $34 million, or about $122 per square foot, according to CoStar data. After buying the property, Rexford demolished part of the real estate and built a new 95,000-square-foot industrial building. The developer also added a glass storefront to the main building and completed other upgrades that resulted in a LEED certification for the property. The property's original buildings were built in 1981.
About the project: The new development includes a two-story office at the entry featuring above-standard finishes, a clear height of 32 feet, LEED Silver certification and other upgrades.
What the judges said: "This is in a city that needs creative redevelopment," wrote Jeff Nauta, president and broker of United Real Estate Group.
They made it happen: Rexford's project team included Senior Project Manager Kim Cart, Regional Design Lead Angel Morales, Assistant Project Manager Candace Yun, Manager of Acquisitions Tomas Narbutas, Senior Property Manager Carolyn Kromer and Senior Portfolio Manager Barbara Pastor. Others involved in the deal included BCC Contracting Project Manager John Willis, Esplanade Builders Project Manager Jason Kihara, VCA Green Senior Project Manager Rudy De La O and Luke Corsbie, Ware Malcomb regional director for civil engineering.
CoStar Market Manager Amanda Fender contributed.