SEAL BEACH, CALIF. — Rexford Industrial Realty has acquired a 170,865-square-foot industrial building in the Orange County submarket of Seal Beach for a reported $21.1 million. The Class A building is located at 1700 Saturn Way in the Pacific Gateway Business Park. It is fully leased to Dendreon Corporation.
The biotechnology company invested about $65 million to transform the building into a drug manufacturing facility with extensive HVAC, mechanical, plumbing and electrical system improvements. Dendreon focuses on the discovery, development and commercialization of novel therapeutics that may improve cancer treatment options for patients.
Darla Longo, Barbara Emmons, Rebecca Perlmutter, John Schumacher and Brian DeRevere of CBRE’s Capital Markets represented both Rexford and the seller, an institutional owner, in this transaction.