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September 19, 2019
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Rexford Industrial Realty Spends $110 Mil on Five SoCal Assets

9/10/19

Rexford Industrial Realty has acquired five SoCal industrial properties totaling 488k sf for a combined price of $110.3 mil and has also sold two properties for $12.8 mil. The acquisitions were funded using cash-on-hand as well as the reinvestment of disposition proceeds.

Rexford acquired 3150 E. Ana St in Rancho Dominguez, in the LA South Bay submarket, for $18.8 mil, or $177 per square foot. The site was purchased through an off-market sale-leaseback transaction for a price approximating land value and contains 106k sf of improvements on 6.06 acres of land. At lease expiration, the company intends to reposition the property into a high throughput, low coverage logistics facility, as favorable zoning allows for trailer parking on excess land. According to CBRE, the vacancy rate in the 223 msf LA South Bay submarket was 0.6% at the end of the second quarter 2019.

Rexford also purchased 1402 Avenida Del Oro in Oceanside for $73.6 mil, or $236 per square foot. The property, within the San Diego North County submarket, consists of a single-tenant, 312k sf distribution building on 38.6 acres of land. The Class A building has a long-term lease and features 32' clear height, a high ratio of dock doors and substantive excess paved land for trailer storage. According to CBRE, the vacancy rate in the 54 msf San Diego North County submarket was 7.4% at the end of the second quarter 2019.

The company purchased 18115 S. Main St in Carson in an off-market transaction for $6.8 mil, or $160 per square foot. The fully leased single-tenant industrial building, within the LA South Bay submarket, contains 42.3k sf on 2.74 acres of land. The low coverage site provides excess land for storage and parking.

In Central San Diego, Rexford purchased 5725 Eastgate Dr for $8.2 mil, or $299 per square foot, in an off-market transaction. The low-coverage, single tenant property consists of a 27.3k sf industrial building on 3.78 acres of land. At closing, the company signed a new long-term lease with a national tenant providing for immediate occupy. According to CBRE, the vacancy rate in the 80 msf Central San Diego submarket was 4.8% at the end of the first quarter 2019.

Finally, Rexford acquired 3340 N. San Fernando Road, located in Los Angeles within the LA San Fernando Valley submarket, for $3 mil, or $69 per land square foot, in an off-market transaction. The one-acre paved land parcel is part of the company's Glendale Commerce Center industrial park and was previously operated under a ground lease. According to CBRE, the vacancy rate in the 174 msf LA San Fernando Valley submarket was 1.5% at the end of the second quarter 2019.

Rexford also completed two disposition transactions, comprising the following:

a 6.6k sf industrial condo unit located at 939 Poinsettia Avenue in Vista, within the San Diego North County submarket, sold for $1.3 mil, or $193 per square foot;
a 62.4k sf multi-tenant complex located at 2350-2384 Orangethorpe Ave and 1631 Placentia Ave, in Fullerton within the Orange County North submarket, sold for $11.5 mil, or $185 per square foot.

Proceeds from both dispositions were recycled in tax deferred 1031 exchanges to fund portions of the company's acquisitions.





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