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7/05/18
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Rexford Industrial Realty has closed on another SoCal industrial buy, paying $22.5 mil for a 122.9k sf ($183/sf), single-tenant property in the northeastern San Fernando Vallery community of Pacoima. The acquisition was funded using available cash on hand.
According to company executives, the recently renovated, 'like-new' warehouse property was acquired with a leaseback to an entrenched occupant serving the growing entertainment and content-related industry centered in Burbank, Hollywood, and West Los Angeles. The company acquired the property, located at 12154 Montague St, south of the 118 Fwy between I-5 and I-210, through an off-market transaction.
The 100% leased, divisible building sits on 4.89 acres of land. The property underwent a full renovation in 2015, including interior and exterior modernization and construction of state-of-the-art creative office space.
At the expiration of the below-market lease, Rexford intends either to renew the current tenant at a market rent, to re-tenant with another single tenant or to demise into four spaces allowing for further rental growth. According to CBRE, the vacancy rate in the 174 msf LA – San Fernando Valley submarket was 1.5% at the end of the first quarter 2018.
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