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8/17/18
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Rexford Industrial Realty Inc purchased a 108.5k sf, single-tenant industrial property in Cerritos for $13.3 mil ($123/sf). The acquisition was funded using cash-on-hand.
The building sits on 4.67 acres and is currently 89% occupied by a single tenant on a short-term lease at a below-market rental rate. The property is divisible, featuring two-street access and two separate entries and office components, 20' clear height and secured yards. Upon lease rollover, Rexford intends to demise the structure into two units and implement cosmetic and functional improvements to increase cash flow.
Rexford views the asset as a well-located property in a highly supply-constrained submarket with favorable value creation potential. According to CBRE, the vacancy rate in the 112 msf LA – Mid-Counties submarket was 1.6% at the end of the second quarter 2018.
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