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July 9, 2020
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Rexford Industrial Realty Spends $18 Mil on Inland Empire Development Property


Rexford Industrial Realty Inc has purchased a 15.47-acre, fully entitled development site in the Inland Empire for $18.2 mil. The acquisition was funded using cash on hand.

The site is located in Eastvale, five miles from the Ontario International Airport, within the Inland Empire West submarket. The property is situated adjacent to a new retail development currently in process that will serve as the city's cornerstone commercial development. Rexford has retained the seller as fee developer to construct the new project, branded as 'The Merge,' which will contain a total of 333.5k sf of industrial space within six buildings on 15.47 acres.

The high-image project will consist of 10 warehouse spaces ranging from 20k sf to 45k sf and featuring 30'-32' clear heights, ESFR fire sprinklers and market-leading dock-high loading capacity. The development is located on a major thoroughfare with favorable access to several freeways.

Delivery of the completed buildings is expected during the third quarter of 2020 after incurring incremental all-in development and construction costs of approximately $37 mil. According to CBRE, the vacancy rate in the 298 msf Inland Empire West submarket was 1.8% at the end of the first quarter 2019.

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