Just in time for A1? According to the Orange County Register Fox Racing HQ in Irvine, California, was sold to Rexford Industrial Realty for $40 million. Known for its unique entrance, vintage MX bikes and onsite racetrack, the campus also includes a skate park, outdoor meeting space and fire pits. In the pedestrian space between the building and track, the words “dream on” are crafted in the ground out of giant concrete letters. No word on if/when the tenant has to vacate the space.
“The industrial market fundamentals in Orange County remain solid with a vacancy rate of less than 2 percent,” said Paul Jones, an executive managing director at Newmark, who represented the seller. “The ability to acquire 6.5 acres in a mature infill industrial market with strong existing yield was compelling.” The seller, Griffin Realty Trust, bought the building for $27.25 million in October 2013, said Jones.
The 82,645-sq./ft. building is leased to Fox, which itself was acquired in August 2022 by Vista Outdoor for $540 million back in August 2022. Vista owns 40 brands in the outdoor apparel and accessories market including Bell Helmets, CamelBak, Giro, QuietKat and Remington Ammunition.