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9/04/14
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SoCal-based Rexford Industrial Realty Inc recently completed two industrial property transactions, one an acquisition and the other a sale. The company purchased a 55.5k sf building in San Fernando for $5.1 mil ($91/sf) in an off-market deal. Rexford also sold a 38k sf building in Illinois for $1.8 mil ($47/sf).
The San Fernando building is situated on 2.75 acres at 605 8th St, within the Greater San Fernando Valley sub-market. The building features 24-foot clear ceiling heights with substantial useable yard area and is currently 65% occupied. The property is in a highly desirable location, positioned between the I-405, I-5, SR-118 freeways and is 10 minutes from the Burbank Airport.
According to Rexford, the company purchased this high-quality building from an owner / occupant who is vacating the property. The firm expects to create value by resolving deferred maintenance and making functional enhancements including installation of dock high loading and modernization of current office space.
Rexford is a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets. With these latest transactions, the firm has realized their strategic vision of a 100% Southern California focused property portfolio.
As of mid-year 2014 market research from CBRE, the vacancy rate for industrial properties in the 172 msf Greater San Fernando Valley submarket stood at 1.3%.
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