Rexford Industrial Realty Chief Investment Officer Patrick Schlehuber makes a point to recognize the role brokers play in bringing potential property acquisitions to the industrial real estate investment trust.
For the past several years, Schlehuber has hosted the Los Angeles-based REIT's annual fishing trip for brokers who have helped Rexford find warehouses and distribution centers. It illustrates a commercial real estate practice that some firms undertake to provide incentives to drive business.
Rexford's ability to catch big off-market deals that aren't shopped widely by listing brokers has helped it become the most active investor in greater L.A. industrial space in the past five years. During that time, it's snapped up more than $3.4 billion in properties, according to CoStar data.
"These trips are always a good opportunity to thank/reward brokers that continue to help us grow our business through off-market opportunities/transactions," Rexford spokesperson Michelle Bakva said in an email. "Rexford continues to provide a wide variety of incentives/rewards to our brokers throughout the year, as we continue to recognize their hard work and support in funneling our deal volume/overall business growth."
Twenty-four people went on this year's fishing trip that departed from San Diego.