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4/30/19
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Rexford Industrial Realty Inc recently closed on the purchase of two industrial properties, comprising six buildings, for a total of $139 mil. The acquisitions were funded using cash on hand and draws on the company's line of credit.
In the larger buy, Rexford acquired San Fernando Business Center, within the LA – San Fernando Valley submarket, for $118.1 mil, or $200/sf. The 88% occupied industrial business park consists of three single-tenant industrial buildings and two three-tenant industrial buildings, totaling 591.7k sf on 28.67 acres of land.
The property features modern functionality with 24-foot minimum clear height, extensive dock-high loading, with favorable proximity to four freeways. The company intends to complete cosmetic and functional value-add enhancements to drive in-place below-market rents to higher rates as leases roll.
According to CBRE, the vacancy rate in the 174 msf LA – San Fernando submarket was 1.5% at the end of the first quarter 2019.
In the acquisition, Rexford bought 10015 Waples Court, within the Central San Diego submarket, for $21.3 mil, or $200 per square foot. The vacant industrial building contains 106.4k sf on 5.42 acres of land and features modern functionality with high-image design.
Rexford plans to reposition the 31-foot clear building for two-tenant occupancy enabling the capture of higher rental rates. According to CBRE, the vacancy rate in the 80 msf Central San Diego submarket was 4.6% at the end of the first quarter 2019.
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