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10/06/15
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SoCal-based Rexford Industrial Realty Inc closed on an Inland Empire acquisition, paying $6.9 mil for 9805 6th Street, a two-building, 81.4k sf ($85/sf) property in Rancho Cucamonga. The acquisition was completed with cash on hand and borrowings under the company’s line of credit.
According to the company, this property provides a meaningful value creation opportunity for Rexford Industrial within a key target infill market at attractive pricing. Upon the completion of capital expenditures, including functional enhancements and cosmetic upgrades, Rexford expects the buildings to command premium rents and drive above-market returns for their shareholders.
The property is situated on just under five acres north of I-10 and just east of Archibald Ave. The buildings are 100% occupied by four tenants and feature 24’ clear height, above-standard dock-high loading, 180 feet truck turning radius. In-place rents at the property are approximately 20% below current market rents, and are set to expire between the end of 2015 and 2017.
The property is located in the Inland Empire West submarket. According to CBRE, the vacancy rate in the 265 msf Inland Empire West submarket was 2.5% at the end of the second quarter of 2015.
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