The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





LOS ANGELES COUNTY NEWS
Printer-friendly Version   Email an Associate
Rexford Industrial Realty Spends $42 Mil on Two SoCal Single-Tenant Properties

6/14/18

Rexford Industrial Realty Inc has closed on the purchase of two single-tenant industrial properties in separate transactions worth $42 mil. The acquisitions were funded through a combination of cash on hand and draws on the company's line of credit.

The company acquired 1420 N. McKinley Ave in Compton, within the LA – South Bay submarket, through an off-market transaction for $30 mil, or $219 per square foot. The newly constructed, high-image property contains 136.7k sf on 6.70 acres of land and was recently leased to a single tenant providing logistics and freight-forwarding services.

The building features 27 dock-high loading positions, 165' all concrete secured yard, 32-foot clear height, ESFR fire sprinklers and is well-located off a major thoroughfare in close proximity to the ports of Los Angeles and Long Beach as well as Los Angeles Airport. According to CBRE, the vacancy rate in the 223 msf LA – South Bay submarket was 0.8% at the end of the first quarter 2018.

Rexford also acquired 4416 Azusa Canyon Rd, located in Irwindale within the LA – San Gabriel Valley submarket, through an off-market transaction for $12 mil, or $170 per square foot. The site contains 70.5k sf on 5.89 acres, including excess land.

The building is currently 100% leased on a short-term basis with options to redevelop the existing structure or entitle for new development upon lease expiration. According to CBRE, the vacancy rate in the 152 msf LA – San Gabriel Valley submarket was 1.7% at the end of the first quarter 2018.

Commenting on these latest acquisitions, Michael Frankel, Co-Chief Executive Officer of the Company, noted "McKinley is a brand-new, state of the art, Class A industrial asset located in an extremely low-vacancy port-adjacent submarket. Azusa Canyon is a short-term sale / leaseback with value-add potential upon lease expiration. With more than $309 mil of acquisitions completed year-to-date, we remain focused on executing both our internal and external growth strategies to drive cash flow and to create long term value for our shareholders."






Return to the Archive page


 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media