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9/16/16
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Rexford Industrial Realty purchased a two-building, 145.5k sf industrial property with excess land in the City of Industry for approximately $15 mil ($103/sf). The acquisition was funded using cash on hand.
The property is located at 14742-14750 E. Nelson Ave, on 9.25 acres. The buildings are currently vacant, presenting the opportunity to reposition the former lumber distribution facility into high-quality, multi-tenant industrial space. Rexford plans to create high-demand spaces of 7.2k sf to 22k sf with dock-high loading, plus an additional 54k sf on the excess land.
The property is centrally located in close proximity to the downtown Los Angeles commercial center, and within direct freeway access to the Inland Empire. According to CBRE, the vacancy rate in the 149 msf San Gabriel Valley submarket was 0.6% at the end of the second quarter 2016.
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