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February 24, 2018
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INLAND EMPIRE NEWS
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Rexford Industrial Realty Closes Out 2017 with a $63 Mil SoCal Portfolio Buy

1/08/18

Rexford Industrial Realty purchased a four-property, 416.8k sf industrial portfolio for approximately $62.7 mil. The acquisitions were completed during the fourth quarter of 2017 and were funded using cash on hand, draws on the company's line of credit and proceeds from a $2.4 mil disposition.

The acquisitions were for 100% leased product in prime, supply-constrained infill Southern California. They offer favorable NOI growth potential as below-market in-place leases roll over the next 20 months. Rexford closed the year with $667 mil of acquisitions and recycled approximately $99 mil of capital through dispositions.

Rexford acquired 302 S. Rockefeller Ave and 4355 E. Brickell St, located in Ontario in the Inland Empire West submarket for $14.5 mil or $146 per square foot and $13.1 mil or $137 per square foot, respectively. The S. Rockefeller Avenue property contains 99.3k sf on 5.34 acres of land, and the E. Brickell Street property contains 95.6k sf on 5.76 acres of land.

Both Class A, single-tenant industrial buildings are 100% leased, offer 30-foot warehouse clearance, modern functionality and a favorable number of dock high loading positions. Both properties are currently leased at below-market rents and are located proximate to the I-10, I-60, and I-15 freeways.

According to CBRE, the vacancy rate in the 285 msf Inland Empire West submarket was 1.7% at the end of the third quarter 2017.

The company also acquired 12622-32 Monarch St, located in Garden Grove in the Orange County West submarket for $20.5 mil or $169 per square foot. The property comprises two high-quality industrial buildings totaling 121.2k sf on 5.95 acres which are currently 100% leased to three tenants at below market rates. Monarch Street features a favorable ratio of dock-high loading positions, a large yard and 26-foot warehouse clearance.

According to CBRE, the vacancy rate in the 41 msf Orange Country West submarket was 0.6% at the end of the third quarter 2017.

In addition, Rexford acquired 8315 Hanan Way, located in Pico Rivera in the Los Angeles - Central submarket for $14.5 mil, or $144 per square foot. The single tenant industrial building contains 100.7k sf on 4.43 acres of land and is 100% leased on a long-term basis to an entrenched tenant in the packaging manufacturing industry. The property features 24-foot minimum warehouse clearance, recently modernized offices and nine dock-high loading positions.

According to CBRE, the vacancy rate in the 287 msf Los Angeles Central submarket was 1.6% at the end of the third quarter 2017.

On the disposition side, the company sold 77-700 Enfield Lane in Palm Desert in the Inland Empire-East submarket for approximately $2.4 mil or $113 per square foot. The multi-tenant industrial building was 74% occupied and contains 21.6k sf on 1.61 acres of land. The property was sold to a private investor. Proceeds from the disposition were recycled in a tax deferred 1031 exchange to fund a portion of the Monarch Street acquisition.





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