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October 22, 2019
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Rexford Industrial Realty Picks Up Torrance Asset in $66 Mil Transaction

9/19/19

Rexford Industrial Realty purchased an eight-building, 267k sf industrial complex in Torrance for $66.2 mil, or $248/sf. The acquisition was funded using cash on hand.

The property is comprised of four single-tenant buildings and four two-tenant buildings on 14.23 acres of land. The buildings range in size from 20.2k sf to 38.9k sf and are currently 91% leased at in-place rental rates estimated to be well-below prevailing market rates. The company intends to complete capital improvements including fire sprinkler upgrades, modernization of offices and other functional enhancements in order to drive higher rental rates upon expiration of leases.

Rexford feels the property offers the potential to drive current in-place rental rates estimated to be materially below-market to higher market rates as the company completes value-add enhancements when the leases roll. 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.





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