This post was originally published on this site
A Houston-based company recently doled out nearly $51 million to buy a 102,299-square-foot distribution building in Foothill Ranch, less than a mile from Oakley’s headquarters.
Los Angeles-based Rexford Industrial Realty Inc., a real estate investment trust, sold the two-floor industrial building at 20 Icon, Foothill Ranch, to Lake Forest Reliability Project LLC for $497.32 per square foot, per CoStar data.
The $51 million price tag makes 20 Icon one of the most expensive industrial deals in Orange County for 2025.
The two-level distribution building at 20 Icon was built on 2.81 acres in 1999 and renovated in 2015, according to CoStar data. Rexford’s annual report said it acquired the property in 2016 and collects an annual base rent of $1.7 million, collecting about $16.93 a square foot.
The biggest industrial deals for Orange County in 2024 included the sales of 25892-25902 Towne Centre Drive in Foothill Ranch for $96 million and 16542 Millikan Ave. in Irvine for $50 million.
Engie Resources and Lake Forest Reliability
Public documents show Lake Forest Reliability Project may be connected to Engie Resources, an energy transition company aiming “to accelerate the transition towards a carbon-neutral economy,” per the energy utility’s website.
Paperwork filed with the California Secretary of State show Lake Forest Reliability Project LLC was created on Nov. 8, 2024, with Richard Houston signing off on the corporate formation. Houston’s LinkedIn page shows he is a vice president and assistant general counsel at Engie North America Inc.
Both companies share the same Houston address—1360 N. Post Oak Lane, Suite 400—under the name Engie Resources. When asked, an Engie Resources spokesperson could not clarify whether the two companies are connected to each other.
Engie Resources specifically provides electricity and natural gas services to industrial and commercial customers across the United States. The electric utility is based in France, with its U.S. headquarters in Houston.
Rexford Industrial reported the transaction in its first quarter 2025 financial results last month, saying it sold 20 Icon as a single-tenant industrial flex building “to a user for an unlevered IRR to the company for 13.3%”
An unlevered IRR deal is one where the seller expects a certain rate of return on investment on a transaction without financing or debt.
Additional details on what Lake Forest Reliability Project would work on at 20 Icon were not publicly available.
Rexford Industrial Realty
Rexford is a real estate investment trust (REIT) that has a portfolio of 425 properties with about 50.8 million square feet available for rent, principally industrial properties in Southern California. Its Orange County portfolio lists 81 properties totaling 6.5 million square feet as of Dec. 31.
The REIT, which has an $8.3 billion market cap, reported core funds from operations rose 15% to $511.7 million in 2024 (NYSE: REXR).
Rexford Industrial also sold an industrial property at 1055 Sandhill Ave. in Carson for $42.5 million during its first quarter. Richard Ziman, Rexford Industrial’s Board of Directors chair, announced last month he will retire after the company’s annual meeting on June 3. n