Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael S. Frankel
A film and television props supplier is moving from its longtime Hollywood home to a Rexford Industrial-owned warehouse in Downtown Los Angeles.
Omega Cinema Props Inc. signed a 245,000-square-foot lease just south of the Arts District, a 10-year deal valued at $27 million, according to the Los Angeles Business Journal.
Omega has been based on Santa Monica Boulevard in Hollywood for more than 90 years. The company rents thousands of props, including furniture, vintage electronics, and art.
Rexford purchased the Downtown warehouse at 1515 E. 15th Street three months ago for $28.1 million. The property dates from the 1970s and is currently occupied by half a dozen apparel manufacturers. Omega is expected to move in by the end of the year.
Brentwood-based Rexford is one of the most active industrial investors in the L.A. area. Last year, it spent $500 million on industrial properties and is keeping that pace this year.
Its co-CEOs Howard Schwimmer and Michael S. Frankel told The Real Deal in an interview in June that the firm’s success is tied to its specific focus on infill L.A. industrial properties. Those represent the most in-demand industrial properties in an incredibly tight industrial market, with a 1.9 percent vacancy rate. [LABJ] — Dennis Lynch