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LOS ANGELES COUNTY NEWS
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Rexford Industrial Realty Picks Up another $29 Mil in SoCal Properties

5/19/15

Rexford Industrial Realty, an LA-based industrial real estate firm that has been aggressively acquiring SoCal properties, recently closed on three more buildings in two deals totaling $29 mil. The funding of both acquisitions, in Lynwood and the City of Industry, was completed with availability under the company’s credit facility. With these latest buys, Rexford has acquired nearly $100 mil of properties year-to-date.

In both transactions, Rexford was able to work with the tenants at these fully occupied buildings to negotiate favorable lease terms to ensure strong, long-term cash flow. All of the properties have excess land square footage relative to building coverage, allowing Rexford the opportunity to create additional value through redevelopment in the future.

In May, 2015, Rexford Industrial acquired a two-building industrial portfolio, located at 2588 and 2605 Industry Way, in Lynwood, containing a total of 164.7k sf on 9.34 acres, for $22 mil ($134/sf). The company worked with the primary tenant, which had exercised their purchase right of first refusal, to acquire the properties in a long-term sale-leaseback secured by a credit tenant.

Additionally, 2588 Industry Way includes about 60k sf of excess paved land that can be separately leased or developed through construction of a new building. The properties, located in the Los Angeles – South Bay submarket, offer excellent access to the I-105 Fwy which provides entry to the major industrial thoroughfares of the southern California region to access the ports of Los Angeles and Long Beach. According to CBRE, the vacancy rate in the 218 msf Los Angeles – South Bay submarket stood at 1.5% as of the first quarter of 2015.

Also in May, 2015, Rexford Industrial acquired 425 S. Hacienda Blvd, a 51.8k sf industrial facility in City of Industry, for $7 mil, or $135 per square foot. At closing, the property was leased back to the seller under a new 10-year lease.

The property features a 28-foot clear height warehouse, headquarters quality office build-out and over 50k sf of excess land, located on a corner lot in a high-image “Main and Main” location, with excellent access to major thoroughfares including the I-605, I-10 and CA-60. According to CBRE, the vacancy rate in the 147.2 msf San Gabriel Valley submarket was 1.4% as of the first quarter of 2015.





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