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December 5, 2019
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Rexford Industrial Realty Buys Three SoCal Industrial Assets

11/26/19

Rexford Industrial Realty has acquired three SoCal industrial properties in recent deals totaling $56.1 mil. The acquisitions were funded using cash on hand.With these deals, Rexford has now acquired over $850 mil of industrial properties located in prime infill Southern California locations thus far in 2019.

In the largest of the three purchases, Rexford acquired 12752-12822 Monarch St in Garden Grove, within the Orange County – West submarket, for $34 mil, or $130/sf of building, equal to $70/sf of land. The property consists of a four-tenant industrial building containing 276.6k sf on 11.1 acres and is currently 93% occupied. NKF’s Kevin Shannon, Scott Schumacher, Ken White, Jeff Read and Bret Hardy represented the seller, Penwood Real Estate and Western Realco.

The company intends to reposition the property with functional and cosmetic improvements and replace a portion of the building with new improvements. According to CBRE, the vacancy rate in the 42 msf Orange County – West submarket was 2.0% at the end of the third quarter 2019.

Rexford bought 508 East E Street, located in Wilmington within the LA – South Bay submarket, for $14.9 mil, or $259/sf. The property is located immediately adjacent to the Port of Los Angeles and consists of a 100% occupied low-coverage industrial building containing 57.5k sf on 3.45 acres.

The property is occupied by three tenants at below-market rents and features a modern building with excess land providing a large paved yard for container storage. The company intends to bring rents to market upon renewal or re-lease. According to CBRE, the vacancy rate in the 223 msf LA – South Bay submarket was 0.7% at the end of the third quarter 2019.

In the third buy, Rexford picked up 415 S. Motor Ave, located in Azusa within the LA – San Gabriel Valley submarket, comprising 4.2 acres, for $7.2 mil, or $39/sf for the land. The company intends to construct a 97k sf Class A industrial building, offering modern functionality in an underserved infill submarket. The new 32' clear building is expected to include 14 dock doors, ESFR fire sprinklers, and modern office space. According to CBRE, the vacancy rate in the 154 msf LA – San Gabriel Valley submarket was 1.4% at the end of the third quarter 2019.

Acquired at a below-market land basis, Motor Avenue provides an opportunity to develop a new Class A industrial building at an attractive return on investment. The E Street investment presents a unique, low-coverage industrial site located adjacent to the Port of Los Angeles. Monarch Street, a four-tenant industrial building, presents the potential for future redevelopment and repositioning designed to drive cash flow and incremental value.





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