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1/23/19
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Rexford Industrial Realty Inc recently closed on two SoCal industrial acquisitions totaling $27.6 mil. The acquisitions, funded using cash on hand, were for properties in Garden Grove and Valencia.
In one of the deals, Rexford acquired 12821 Knott St, located in Garden Grove within the Orange County – West submarket, for $19.8 mil, or $164/sf, from an affiliate of Brixton Capital. The high-visibility, freeway frontage property consists of a vacant, 24' clearance, 120.8k sf single-tenant industrial building on 6.97 acres of land. The company intends to modernize and reposition the existing building and add 40k sf of new 30' clear warehouse space.
According to CBRE, the vacancy rate in the 41.6 msf Orange County – West submarket was 1.4% at the end of the third quarter 2018.
Rexford also acquired 28510 Industry Drive, located in Valencia within the LA – San Fernando Valley submarket, for $7.8 mil, or $166/sf, in a sale-leaseback transaction. The property consists of a newly built 46.8k sf, single-tenant industrial building on 2.15 acres of land, and features 28' clearance, ESFR fire sprinklers and high-image office space.
According to CBRE, the vacancy rate in the 174 msf LA – San Fernando Valley submarket was 1.4% at the end of the third quarter 2018.
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