The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 24, 2022
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Rexford Industrial Realty Closes on Six SoCal Acquisitions Totaling $152 Mil

5/12/22

Rexford Industrial Realty Inc recently wrapped up acquisitions of six industrial properties for an aggregate purchase price of $152.7 mil. The purchases, all off-market, were funded using a combination of cash on hand and the company's line of credit.

According to Rexford, the company’s year-to-date investments total $610 mil, with 85% of the acquisitions acquired through off-market or lightly marketed transactions. The firm has over $500 mil of additional investments under contract or accepted offer. In April and May, the company acquired:

• 7815 Van Nuys Blvd, Panorama City, located within the LA – San Fernando Valley submarket, for $25 mil, or $175 per land square foot. Upon lease expirations, the company plans to remove existing improvements and construct a new 77k sf, Class A industrial building. The investment is projected to generate a 4.7% unlevered cash yield on total investment upon initial stabilization. According to CBRE, the vacancy rate in the 181 msf LA – San Fernando Valley submarket was 0.5% at the end of the first quarter 2022.

• 900-920 Allen Ave, Glendale, located within the LA – San Fernando Valley submarket, for $25 mil, or $364 per square foot. The property contains two industrial buildings comprising 68.6k sf situated on 3.3 acres of land. The investment generates an initial 4.0% unlevered cash yield on total investment, growing over time by 3.0% annual contractual rent increases and provides the potential for future value-add redevelopment.

• 1154 Holt Blvd, Ontario, located within the Inland Empire – West submarket, for $14.2 mil, or $404 per square foot. Acquired through a short-term sale-lease-back, the newly constructed, single tenant, 35k sf building, situated on 1.7 acres of land, is located near the Ontario International Airport. Upon lease expiration, the company intends to re-lease at market rent. The investment is projected to generate a 3.9% unlevered cash yield on total investment upon stabilization. According to CBRE, the vacancy rate in the 321 msf Inland Empire - West submarket was 0.1% at the end of the first quarter 2022.

• 1550-1600 Champagne Ave, Ontario, located within the Inland Empire – West submarket, for $46.9 mil, or $377 per square foot. The Class A, two-building 124.2k sf property, situated on 6.4 acres of land, is leased at rents estimated to be 50% below current market rates. Upon lease expiration, the company intends to drive accretive cash flow growth through re-leasing at market rent. The investment generates an initial 2.1% unlevered cash yield that is projected to grow to an unlevered stabilized cash yield on total investment of over 5.0%.

• 10131 Banana Ave, Fontana, located within the Inland Empire – West submarket, for $26.2 mil, or $109 per land square foot. The 5.5-acre industrial outdoor storage site is 92% leased at rents estimated to be 40% below current market rates. Upon lease expirations, the company plans to redevelop the property by constructing a 104k sf Class A, low coverage logistics building. The initial 1.3% unlevered cash yield is projected to grow to an unlevered cash yield on total investment of 4.8% upon stabilization.

• 13535 Larwin Circle, Santa Fe Springs, located within the LA – Mid-Counties submarket, for $15.5 mil, or $277 per square foot. The 56k sf, single-tenant building, situated on 2.5 acres of land, is leased at a rate estimated to be 60% below current market rates. The investment generates an initial 2.5% unlevered cash yield, which is projected to grow to an unlevered stabilized cash yield on total investment of 6.6% through either the renewal of the in-place tenant or a value-add repositioning of the property. According to CBRE, the vacancy rate in the 111 msf LA - Mid-Counties submarket was 0.1% at the end of the first quarter 2022.




Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2022 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media