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October 23, 2018
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Rexford Industrial Realty Acquires Two Socal Industrial Assets and Sells another One

5/02/18

Rexford Industrial Realty Inc has completed three SoCal transactions consisting of two industrial property acquisitions totaling $21.5 mil and one disposition for $1.7 mil. The acquisitions were funded through a combination of cash on hand, use of Rexford's existing line of credit, as well as the reinvestment of disposition proceeds.

In the larger acquisition, Rexford acquired 660 and 664 North Twin Oaks Valley Rd, located in San Marcos, in the North San Diego County submarket, for $14 mil, or $144 per square foot. The property contains two 100% leased industrial buildings totaling 97k sf, situated on 4.88 acres of land.

The buildings are leased to an entrenched tenant and are divisible into multiple units. The property has extensive dock-high loading, a 180' shared truck court and substantial power, providing flexible functionality that appeals to a wide variety of businesses. The company intends to either renew or re-tenant the property at the expiration of the in-place lease.

According to CBRE, the vacancy rate in the 52 msf San Diego North County submarket was 4.7% at the end of the first quarter 2018.

In an off-market acquisition, Rexford also acquired 1580 West Carson Street, located in Long Beach, in the Los Angeles South Bay submarket, for $7.5 mil, or $171 per square foot. The property contains a 28'-clear 43.8k sf building on 2.52 acres and was vacated by the seller immediately prior to closing.

Rexford plans to reposition the building, incorporating high-image offices and modern industrial attributes such as ESFR sprinklers and extensive dock-high loading. The property's location with direct access to the 405 and 710 freeways, is positioned well to capture demand from warehousing, manufacturing and E-commerce users.

According to CBRE, the vacancy rate in the 223 msf Los Angeles South Bay submarket was 0.8% at the end of the first quarter 2018.

In the disposition, the company sold 6770 Central Avenue Building B, located in Riverside in the Inland Empire -- East submarket, for approximately $1.7 mil, or $142 per square foot. The vacant building contains 11.8k sf, situated on 1.08 acres, and was sold to an owner user. Proceeds from the disposition of this non-core asset were recycled in a tax deferred 1031 exchange to fund a portion of the Carson Street acquisition.






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