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August 23, 2019
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Rexford Industrial Realty Spends $34.5 Mil on Two SoCal Assets

6/04/19

Rexford Industrial Realty recently acquired two SoCal industrial properties in deals totaling $34.5 mil. The acquisitions in the City of Industry and Sun Valley - were funded using cash on hand.

In one of the purchases, Rexford acquired 218 S. Turnbull Canyon Rd, located in the City of Industry within the LA San Gabriel Valley submarket, for $27.1 mil, or $142/sf. The property contains 190.9k sf on 8.79 acres and is 100% leased to a single tenant at a below-market rent. The property features 30' clear height, 44 dock doors and ESFR fire sprinklers. 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.

Rexford also acquired 9750 San Fernando Rd, located in Sun Valley within the LA Greater San Fernando Valley submarket, for $7.4 mil, or $63 per land square foot. The fully leased, paved site contains 35.6k sf of improvements on 2.69 acres, with significant outdoor storage space and potential for future redevelopment of a new distribution building.

According to company execs, Turnbull Canyon is a fully leased, single tenant industrial property offering modern functionality in a supply-constrained submarket. San Fernando Road is fully leased to a single tenant at a favorable yield and also represents a potential future redevelopment opportunity for Rexford.





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