Premier Business Centers




The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 22, 2017
 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?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Rexford Industrial Realty Spends $71 Mil on Three SoCal Purchases

7/17/17

Rexford Industrial Realty Inc has acquired three industrial properties in three separate transactions for a total of $71.5 mil. The company also sold an industrial property for $18.7 mil, with proceeds from the disposition reinvested into a new acquisition. The balance of the purchases were funded utilizing cash on hand and the company's line of credit.

Rexford acquired 14820-30 Carmenita Rd and 13555 Excelsior Dr, both in the LA Mid-Counties city of Norwalk, for $30.7 mil ($155/sf). The property consists of one two-tenant industrial building and two single-tenant industrial buildings containing a total of 198.1k sf on just over 12 acres. The buildings are 100% leased to four tenants at rents that are approximately 17% below market.

The two-tenant building features 30-foot clear-height, high-image frontage and a favorable ratio of dock-high loading. The two single-tenant buildings provide excess land for outside storage that is coveted by tenants in the market. The property is located on a major thoroughfare with immediate Santa Ana (5) freeway access. According to CBRE, the vacancy rate in the 109 million square foot Los Angeles Mid Counties submarket was 0.9% at the end of the first quarter 2017.

In one of the buys, Rexford acquired 14820-30 Carmenita Rd and 13555 Excelsior Dr, in the LA Mid-Counties city of Norwalk, for $30.7 mil ($155/sf). The property consists of one two-tenant industrial building and two single-tenant industrial buildings containing a total of 198.1k sf on just over 12 acres. The buildings are 100% leased to four tenants at rents that are approximately 17% below market.

The two-tenant building features 30-foot clear-height, high-image frontage and a favorable ratio of dock-high loading. The two single-tenant buildings provide excess land for outside storage that is coveted by tenants in the market. The property is located on a major thoroughfare with immediate Santa Ana (5) freeway access. According to CBRE, the vacancy rate in the 109 million square foot Los Angeles Mid Counties submarket was 0.9% at the end of the first quarter 2017.

Rexford also acquired 3002-3072 Inland Empire Blvd, located in Ontario within the Inland Empire West submarket, for $26.9 mil or $123/sf. The four multi-tenant industrial buildings contain 218.4k sf of space on 10.82 acres and are 100% leased to nine tenants.

The property has rare small- to mid-sized dock-high units and modern functionality, including 24-foot warehouse clearance. The repair of substantial deferred maintenance should allow rents that are 20% below market to achieve market rates as in-place leases roll.

The property features significant frontage on the I-10 Freeway and is located on a high-identity street with close proximity to Ontario Airport. According to CBRE, the vacancy rate in the 281 msf Inland Empire West submarket was 2.1% at the end of the first quarter 2017.

In the third purchase, the company acquired 17000 Kingsview Ave/800 Sandhill Ave in Carson for $14 mil, or $140/sf. The property consists of a 100.1k sf building on 3.93 acres and is 100% leased to two tenants, including a leaseback executed with the seller during escrow.

The property has premium office improvements and features 24' clear-height and an attractive dock-high door ratio. Following expiration of in-place leases, a modest capital improvement program will be executed to capture rental rate upside.

The property is well located within Carson's CA-91 freeway industrial corridor, with easy access to the LA and Long Beach ports and five major freeways. According to CBRE, the vacancy rate in the 220 msf South Bay submarket was 0.6% at the end of the first quarter 2017.

Separately, Rexford sold 2811 South Harbor Blvd in Santa Ana for $18.7 mil, or $148/sf. The single-tenant, industrial building, which comprises 126.8k sf on 5.62 acres, is in the Orange County-Airport submarket. The property was purchased in 2016 as part of a portfolio and was sold to the in-place tenant who exercised its purchase option. Proceeds from the sale were used to fund a portion of the Carmenita Norwalk acquisition.




Return to the previous page
Lone Oak Fund Dec 2014

 
Advertisement

 


 


 
 





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 © 2017 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media