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Rexford Industrial Realty Closes on Five SoCal Buys Totaling $73 Mil

7/06/20

Rexford Industrial Realty Inc purchased five SoCal industrial properties for $73.2 mil. The acquisitions were purchased through three transactions and funded using cash on hand.

Rexford acquired a three-property industrial portfolio located in Sun Valley, within the LA – San Fernando Valley submarket, for $35.1 mil, or $169 per square foot. Acquired through an off-market transaction, the 100% occupied portfolio contains 207.4k sf on 8.38 acres of land. The acquisition presents a range of short- and long-term opportunities to drive cash flow growth through the completion of value-add enhancements and the renewal or re-leasing of in-place leases estimated to be approximately 35% below market, on average, at higher market rates. According to CBRE, the vacancy rate in the 175 msf LA – San Fernando Valley submarket was 1.8% at the end of the first quarter 2020.

The firm also acquired 15650-15700 S. Avalon Blvd, located in Los Angeles within the LA – South Bay submarket, for $28.1 mil, or $169 per square foot. Acquired through an off-market transaction, the two–building property contains 166.1k sf on 7.24 acres of land. Upon expiration of a short-term leaseback, the company intends to immediately reposition the property as a Class A, single-tenant, low coverage industrial site with substantial dock-high loading and an oversized container storage yard, designed to appeal to a wide range of last-mile distribution users. According to CBRE, the vacancy rate in the 224 msf LA – South Bay submarket was 0.8% at the end of the first quarter 2020.

In the last deal, Rexford bought 15850 Slover Ave, located in Fontana within the Inland Empire – West submarket, for $10.0 mil, or $166 per square foot. Acquired through a lightly marketed transaction, the just completed and newly-constructed, vacant single-tenant industrial property contains 60.1k sf on 2.79 acres of land. The property features modern, best-in-class functionality, including 30' clear heights, ESFR sprinklers, a secured truck court and favorable freeway access. According to CBRE, the vacancy rate in the 305 msf Inland Empire – West submarket was 2.4% at the end of the first quarter 2020.

According to company execs, these recent transactions totaling 434k sf, represent a blend of value-add and institutional-quality, core investments, providing favorable cash flow growth through the rolling of in-place, below-market rents to higher market rents, value-add property repositioning, and lease up of newly constructed, state-of-the-art vacant space. With over $342 mil of investments completed year-to-date, Rexford remains well-positioned with a low-leverage balance sheet and substantial liquidity to capitalize on emerging internal and external growth opportunities with the capacity to create shareholder value over time.





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