|
|
3/06/20
|
Rexford Industrial Realty has purchased a ten-building, SoCal industrial property portfolio for $203.2 mil, including assumed debt. The portfolio consists of three single-tenant and seven multi-tenant industrial properties containing a total of 867.2k sf ($234/sf) of space on just over 43 acres of land.
The acquisition was completed through a combination of cash and an UPREIT transaction, whereby the seller contributed a portion of the portfolio value to the company's operating partnership, Rexford Industrial Realty L.P., in exchange for a blend of operating partnership units and newly issued convertible preferred operating partnership units.
The portfolio is currently 87.7% leased to 56 tenants with average in-place rents estimated to be materially below-market. For Rexford, the investment provides an above-market cash yield as well as the potential for favorable cash flow growth into future periods through a combination of leasing and value-add enhancements.
The properties are located in four of the company's core infill Southern California markets, including LA – South Bay, LA – Mid Counties, Inland Empire – West and Orange County. Approximately two-thirds of the assets are located in the region's top-performing LA – South Bay submarket, which ended the fourth quarter of 2019 with a vacancy rate of 0.8%, according to CBRE. The portfolio's tenant pool is also highly diversified, with no single tenant occupying more than 12.9% of the total rentable area.
The properties are further detailed below:
Property Name - Square Feet - County - Submarket - Leased %
Kingshill Pl - 169,069 - Los Angeles - South Bay - 73.3%
Manhattan Beach Blvd - 126,726 - Los Angeles - South Bay - 95.5%
Santa Fe Ave - 112,000 - Los Angeles - South Bay - 100.0%
W. 126th St - 63,532 - Los Angeles - South Bay - 40.2%
La Cienega Blvd - 63,462 - Los Angeles - South Bay - 93.4%
Knox St - 39,400 - Los Angeles - South Bay - 100.0%
Woodwind Dr - 62,377 - Orange - Orange County West - 100.0%
Atlantic Ocean Dr - 27,960 - Orange - Orange County South - 100.0%
Los Nietos Rd - 107,740 - Los Angeles - Mid-Counties - 100.0%
Richton St - 94,976 - San Bernardino - Inland Empire West - 86.0%
Total Portfolio -- 867,242 -- Average 87.7%
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
