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3/26/18
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Rexford Industrial Realty Inc has purchased a 115.6k sf, single-tenant industrial property in Cerritos for $17.2 mil ($149/sf). The property, located at 16010 Shoemaker Ave, sits on 4.41 acres of land and is currently 100% leased to a single tenant at significantly below market rent, with a near term lease expiration.
The highly functional property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major transportation arterials. Rexford expects to complete minor cosmetic and functional enhancements upon renewal or retenanting.
According to CBRE, the vacancy rate in the 110 msf Los Angeles- Mid-Counties submarket was 0.8% at the end of the fourth quarter 2017.
The acquisition was funded through a combination of cash on hand and draws on the company's line of credit. According to Rexford, the 100% leased, modern property provides immediate cash flow and is ideally located in the desirable and low-vacancy Mid Counties submarket. Moving forward in 2018 and beyond, the firm remains focused on executing both internal and external growth strategies to drive cash flow and to create long term value for its shareholders.
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