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1/08/15
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Rexford Industrial Realty closed out 2014 with the purchase of a 13-building industrial portfolio in San Diego for $32.3 mil, or approximately $172/sf. The acquisition was funded utilizing the company’s credit facility.
This acquisition brings Rexford Industrial's 2014 acquisition volume to 3.74 msf, comprised of 36 industrial properties located in SoCal infill areas. The purchases had an aggregate cost approaching $400 mil.
According to Rexford, they purchased this high-quality, multi-tenant portfolio from a private seller motivated to complete a transaction by year end. The company plans to harvest favorable cash flow in the immediate term and to roll below-market rents to market upon renewal or re-leasing in the near to longer term.
The property is located at 6970-7170 & 7310-7374 Convoy Ct, in Kearny Mesa, within the Central San Diego submarket. The property consists of 13 multi-tenant industrial buildings, ranging from 8.4k sf to 33k sf, with a total of 187.8k sf on 12.05 acres.
The complex is currently 98% occupied and is comprised of 57 units of varying sizes, creating an advantageous mix of tenant spaces. The project’s high quality, diverse tenant base serves regional distribution, warehousing and manufacturing. Rexford plans to implement cosmetic upgrades to increase the property’s marketability and to drive occupancy and facilitate roll-up of below-market rents to market rates on renewal and re-leasing.
The property is located in the Central San Diego submarket, with favorable access to the 52, 163, I-805, I-8 and I-15 freeways. According to CBRE, the vacancy rate in the 81 msf Central San Diego submarket stood at 6.8% at the end of the third quarter of 2014.
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