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October 23, 2018
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Rexford Industrial Realty Spends $20 Mil on Two SoCal Facilities

7/27/18

Rexford Industrial Realty Inc acquired two industrial properties totaling 120.8k sf of space for $20.3 mil. The acquisitions in Santa Fe Springs and Valencia -- were funded using available cash on hand.

In one deal, Rexford acquired 10747 Norwalk Blvd, located in Santa Fe Springs within the LA Mid-Counties submarket, for $10.8 mil, or $206 per square foot. The single-tenant building contains 52.7k sf on 2.56 acres of land and is leased at a below-market rate to a strong tenant. The 24-foot clear modern building is located at a major intersection in a supply-constrained submarket. According to CBRE, the vacancy rate in the 112 msf LA Mid-Counties submarket was 1.6% at the end of the second quarter 2018.

Rexford also acquired 29003 Avenue Sherman, located in Valencia within the LA San Fernando Valley submarket, for $9.5 mil, or $139 per square foot. The modern building contains 68.1k sf on 2.78 acres of land and features 26' clear height with ESFR fire sprinklers. The company intends to renovate the currently vacant, single-tenant property by performing cosmetic and functional enhancements. According to CBRE, the vacancy rate in the 174 msf LA San Fernando Valley submarket was 1.5% at the end of the second quarter 2018.





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