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Rexford Industrial Realty Completes $660 Mil of SoCal Industrial Buys

7/26/22

Rexford Industrial Realty closed on the acquisition of seven industrial properties for an aggregate purchase price of $660.9 mil. The purchases, made in June and July of this year, were funded using a combination of cash on hand, proceeds from forward equity settlements and the company's line of credit.

The recent acquisitions include:

A six-building industrial project located at 6221 and 6251 Archibald Ave and 14301, 14319, 14337 and 14326 Limonite Ave in Eastvale, located within the Inland Empire West submarket, for $470 mil, or $445 per square foot. Situated on 49.7 acres, the 1.057 msf, newly constructed industrial complex is 71% leased and contains buildings ranging from 48.3k sf to 501.6k sf in size with minimum clear heights of 30 to 40 feet. Located in close proximity to seven Rexford Industrial owned assets, the investment expands the company's presence and operating scale in this highly desirable industrial submarket. The initial 3.5% unlevered cash yield is projected to grow to an unlevered stabilized cash yield on total investment of 4.0%, growing over time by contractual annual increases of 4.0% and greater. 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.

4325 Etiwanda Ave, Jurupa Valley, located within the Inland Empire West submarket, through an off-market transaction for $47.5 mil, or $382 per square foot. The 124.3k sf Class A building situated on approximately six acres is leased to a single tenant at rent estimated to be approximately 85% below current market rates. The company plans to renew the existing tenant or re-lease at market rates upon lease expiration. The investment is projected to generate a 4.5% unlevered stabilized cash yield on total investment.

3935-3949 Heritage Oak Ct, Simi Valley, located within the LA Ventura County submarket, through an off-market transaction for $56.4 mil, or $302 per square foot. Acquired through a short-term sale-lease-back, the Class A 186.7k sf, two-tenant building is situated on 10.9 acres and leased at rent estimated to be approximately 35% below current market rental rates. Upon lease expiration, the company plans to renew the existing tenants or re-lease at market rates following a value-add repositioning plan. The initial 3.4% unlevered cash yield is projected to grow to an unlevered stabilized cash yield on total investment of 5.4%. According to CBRE, the vacancy rate in the 67 msf LA Ventura County submarket was 0.6% at the end of the first quarter 2022.

3547-3555 Voyager St, Torrance, located within the LA South Bay submarket, through an off-market transaction for $20.9 mil or $162 per land square foot. The three-acre covered land site contains a 60.2k sf, multi-tenant industrial complex. Following lease expirations, the company intends to redevelop the site. The investment generates an initial 3.0% unlevered cash yield and is projected to grow to an unlevered stabilized cash yield on total investment of 4.6%. According to CBRE, the vacancy rate in the 219 msf LA South Bay submarket was 0.6% at the end of the first quarter 2022.

400 W Rosecrans Ave, Los Angeles, located within the LA South Bay submarket, for $8.5 mil, or $193 per land square foot. The vacant 28k sf building is situated on one-acre in the highly desirable South Bay submarket. The investment is projected to generate a 5.2% unlevered stabilized yield on total investment.

620 E Anaheim St, Los Angeles, located within the LA South Bay submarket, for $17.1 mil, or $495 per square foot. The vacant 34.6k sf, low-coverage building situated on approximately two acres is strategically located adjacent to the Ports of Los Angeles and Long Beach and provides a large, secured yard. The investment is projected to generate a 4.3% unlevered stabilized yield on total investment.

6996 and 7044 Bandini Blvd, Commerce, located within the LA Central submarket, through an off-market transaction totaling $40.5 mil, or $170 per land square foot. The property includes two contiguous parcels on 5.5 acres fronting the I-5 highway and is 100% leased to a single tenant at rent estimated to be approximately 60% below market. Upon lease expiration, the company intends to drive accretive cash flow growth through the renewal of the in-place tenant or through a future redevelopment. The investment is projected to generate a 4.8% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 271 msf LA Central submarket was 0.7% at the end of the first quarter 2022.




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