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March 25, 2019
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Rexford Industrial Realty Purchases 123k sf Facility in Pacoima


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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