|
|
3/20/15
|
Rexford Industrial has closed on the acquisitions of two single-tenant industrial properties in Southern California totaling 218.6k sf of space for $21.7 mil ($99/sf). Funding of both purchases was completed with cash on hand and brings to $52 mil the company’s total acquisitions so far in 2015.
In one of the deals, Rexford Industrial acquired 9401 De Soto Ave, a 154k sf property on 6.68 acres in Chatsworth, for $14.1 mil, or $91/sf. The single-tenant industrial building features 28’ clear height and favorable access to the I-405, 101 and 118 freeways.
This asset is is expected to be in strong demand as a result of the scarcity of buildings greater than 100k sf with clear heights in excess of 24 feet within the supply-constricted San Fernando Valley. Rexford plans to add additional dock-high loading, a new ESFR fire sprinkler system and other cosmetic upgrades to drive rent and occupancy.
According to CBRE, the vacancy rate in the 172.2 msf Greater San Fernando Valley submarket stood at 1.5% at the end of the fourth quarter of 2014.
In the other deal, Rexford purchased a 64.6k sf property on 2.87 acres in north Orange County for $7.7 mil ($119/sf) in an off-market transaction. The single-tenant industrial building is located at 1210 N. Red Gum St in Anaheim and is leased through 2019 to a single tenant under a NNN lease.
The facility features six dock-high loading positions, a secured yard, 21-23 foot clear height and favorable access to the I-5, 91, 57 and 55 freeways.
According to CBRE, the vacancy rate in the 110.8 million square foot North Orange County submarket stood at 2.5% at the end of the fourth quarter of 2014.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
