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September 19, 2019
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Rexford Industrial Realty Adds $27 Mil of SoCal Industrial Assets to Its Portfolio

9/12/19

Rexford Industrial Realty Inc has purchased two industrial properties in off-market transactions totaling $26.8 mil. The acquisitions were funded using cash-on-hand.

In one of the purchases, Rexford acquired 12200 Bellflower Blvd, a 54.2k sf property located in Downey within the LA Mid Counties submarket, for $16.3 mil, or $64 per land square foot. The short-term leased, single-tenant property offers a modern clear height industrial building, on 5.87 acres of land.

The investment provides a near term opportunity for repositioning existing improvements into a logistics facility with excess land for trailer storage or for the development of additional building improvements due to low coverage and flexible zoning. According to CBRE, the vacancy rate in the 112 msf LA Mid Counties submarket was 1.5% at the end of the second quarter 2019.

In a separate transaction, Rexford bought 9607-9623 Imperial Hwy, also located in Downey, for $10.5 mil, or $65 per land square foot. The property consists of a trucking and container yard with 7.5k sf of office and warehouse space on 3.68 acres of land.

The company acquired the property in a short-term sale-leaseback transaction from the prior owner-operator. Upon expiration of the leaseback, Rexford intends to refurbish the site and lease it to a trucking and trailer yard user.

According to company comments about the acquisitions, Bellflower Boulevard and Imperial Highway are both low-coverage industrial sites with value-add repositioning planned upon the expiration of in-place short-term leases that are currently at below-market rates. The sites provide favorable and highly sought-after truck trailer parking and outside storage functionality that is otherwise extremely scarce due to a lack of land and restrictive zoning.





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