The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
July 5, 2020
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
Rexford Industrial Realty Completes Two SoCal Buys for $14.7 Mil

6/23/20

Rexford Industrial Realty Inc has boosted its industrial portfolio with the recent acquisitions of two SoCal assets in deals totaling $14.7 mil. The firm’s newest properties are located in Yorba Linda and San Diego. The acquisitions were funded using cash on hand as well as the assumption of existing debt on one of the properties.

In Yorba Linda, Rexford acquired 22895 Eastpark Drive, located within the Orange County – North Submarket, for $6.8 mil, or $196 per square foot. The low coverage single-tenant property contains 35k sf on 2.35 acres of land and is fully leased on a long-term basis. According to CBRE, the vacancy rate in the 115 msf Orange County – North submarket was 1.0% at the end of the first quarter 2020.

Rexford also purchased 8745 and 8775 Production Avenue, located in San Diego within the San Diego – Central submarket, for $7.9 mil, or $167 per square foot. The property comprises two industrial buildings containing a total of 46.8k sf on 2.85 acres of land. The property is 65% leased at rents estimated to be 15% below market rates.

The firm plans to undertake value-add repositioning to enable releasing at higher market rates. According to CBRE, the vacancy rate in the 80 msf San Diego – Central submarket was 4.5% at the end of the first quarter 2020.

Commenting on these latest purchases, the company stated, "Eastpark Drive provides immediate cash flow through a long-term in-place lease. Production Avenue, an underutilized two-building property leased at below-market rents, provides value-add opportunity to drive additional cash flow and value growth. With nearly $270 mil of acquisitions completed year-to-date, an active investment pipeline and a low-leverage, well-capitalized balance sheet, we believe the company is favorably positioned to continue to capitalize upon internal and external growth opportunities focused on creating long-term value for shareholders."




Return to the previous page


 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media