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Rexford Industrial Realty Spends $84 Mil on Four SoCal Assets

4/19/19

Rexford Industrial Realty Inc recently acquired four SoCal industrial properties in deals totaling $84.5 mil. The acquisitions were funded using cash on hand.

According to comments from the company, this acquisition of over 500k sf of buildings enables the firm to continue growing an irreplaceable, highly-functional industrial property portfolio. Rexford has completed $259 mil of acquisitions year-to-date.

In one transaction, the company acquired a 456k sf portfolio comprising three industrial buildings located in supply-constrained infill submarkets, as follows:

13890 East Nelson Avenue, located in the City of Industry within the LA San Gabriel Valley submarket, was acquired for $41.8 mil, or $163 per square foot. The property consists of a modern industrial building containing 257k sf on 11.77 acres and is 100% leased to a single tenant. The building features 24' clear height, 36 dock positions and active rail service. According to CBRE, the vacancy rate in the 153 msf LA San Gabriel Valley submarket was 1.4% at the end of the first quarter 2019.

445 West Freedom Avenue, located in Orange within the North Orange County submarket, was acquired for $18 mil, or $194 per square foot. The property consists of a three-tenant industrial building containing 92.6k sf on 4.06 acres of land and is 100% leased at below-market rents. The property features 24' clear heights and 13 dock positions. According to CBRE, the vacancy rate in the 115 msf North Orange County submarket was 2.3% at the end of the first quarter 2019.

2270 Camino Vida Roble, located in Carlsbad within the North San Diego submarket, was acquired for $16.8 mil, or $158 per square foot. The property consists of a multi-tenant industrial building containing 106.3k sf on 6.34 acres and is currently 70% occupied. The company intends to complete value-add functional and cosmetic upgrades to drive below-market rents to higher market rents while leasing the vacant space. According to CBRE, the vacancy rate in the 54 msf North San Diego submarket was 6.9% at the end of the first quarter 2019.

In a separate off-market transaction, the company acquired 980 Rancheros Drive, located in San Marcos within the North San Diego submarket, for $7.9 mil, or $173 per square foot. The property consists of a single-tenant industrial building containing 45.7k sf on 2.84 acres of land and is 100% leased. The modern property features 24' clearance, three dock positions, heavy power and a private yard. According to CBRE, the vacancy rate in the 54 msf North San Diego submarket was 6.9% at the end of the first quarter 2019.





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