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3/05/18
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Rexford Industrial Realty Inc recently completed two SoCal transactions, one an acquisition and the other a disposition. The firm paid $24.1 mil for a 213.6k sf industrial complex in Ontario, and also collected $10.9 mil for the sale of a 25.2k sf asset in Glendale.
In the acquisition, Rexford purchased Ontario Airport Commerce Center in Ontario. The complex consists of 1900 Proforma Ave and 1910-1920 S. Archibald Ave. 1900 Proforma Avenue contains 135.4k sf and features high-demand sub-20k sf, dock-high units with 24-foot clearance. 1910-1920 S. Archibald Avenue contains 78.2k sf with small multi-tenant grade-level units.
The three building, multi-tenant business park is currently 86% leased. The company plans to implement cosmetic and functional renovations in order to lease up existing vacancy and to push below market in-place rental rates to higher market rates in the near term.
The buildings benefit from a prime infill location along a major arterial with access to the I-60 and I-15 Freeways in close proximity to other Rexford-managed properties and their regional management office, enabling operational synergies. The property is located in Ontario within the Inland Empire-West submarket. According to CBRE, the vacancy rate in the 287 msf Inland Empire – West submarket was 1.8% at the end of the fourth quarter 2017.
On the disposition side, Rexford sold 700 Allen Avenue and 1830 - 1851 Flower St, a two-building, 25.2k sf property on 1.14 acres of land in Glendale. The property is a non-core-holding creative office asset that is part of a multi-building industrial site. The building was sold to an owner/user, achieving a premium value. Proceeds from the disposition were recycled in a tax deferred 1031 exchange to fund a portion of the Ontario Airport Commerce Center acquisition.
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