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12/14/16
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Rexford Industrial Realty Inc recently wrapped up a number of SoCal transactions. The firm acquired a two-building industrial project for $24.4 mil, and also sold two industrial properties for a total of $19 mil, using the sale proceeds and cash on hand to fund the acquisition.
On the buy side, the company acquired 12320 4th St, located in Rancho Cucamonga, within the Inland Empire West submarket, for $24.4 mil ($86/sf). The property consists of two distribution buildings containing 284.7k sf on 16.5 acres and is currently 100% leased on an absolute triple net basis. The tenant is a national manufacturer and distributor of commercial-use plastic bags.
The buildings provide 26' to 28' ceiling clearance, ESFR fire sprinkler systems, and are in close proximity to major freeways, offering a compelling value proposition for infill distribution. According to CBRE, the vacancy rate in the 278 msf Inland Empire West submarket was 2.3% at the end of the third quarter.
On the disposition side, the company sold 22343-22349 La Palma Avenue, containing four multi-tenant industrial buildings for $17 mil, or $147/sf. The property is comprised of 115.8k sf, located in Yorba Linda, in the Orange County North submarket. The company also sold 331 East 157th Street, a 12k sf, single-tenant industrial building, located in the Los Angeles South Bay submarket, for $1.975 mil, or $165/sf. The proceeds from both sales were used in a tax deferred 1031 exchange to fund a portion of the Rancho Cucamonga acquisition.
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