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LOS ANGELES COUNTY NEWS
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Rexford Industrial Realty Spends $30 Mil on Two LA Area Industrial Buys

5/16/19

Rexford Industrial Realty Inc recently acquired two industrial properties for a combined price tag of $30.3 mil. The LA-area acquisitions, in the central San Fernando Valley and in Rancho Dominguez, were funded using cash on hand.

In an off-market sale-leaseback transaction, Rexford purchased 15835 Oxnard Street, a 71.5k sf single-tenant industrial property located in Van Nuys for $16.8 mil, or $235/sf. The property features a 24' clear-height building with a thousand feet of freeway frontage along the I-405 and substantive excess paved land. According to CBRE, the vacancy rate in the 174 msf LA Greater San Fernando Valley submarket was 1.5% at the end of the first quarter 2019.

The company also acquired 19100 South Susana Road, located in Rancho Dominguez, within the LA South Bay submarket, in an off-market transaction for $13.5 mil, or $77 per land square foot. The low-coverage property contains 52.6k sf on 4.01 acres and is fully leased to a regional logistics operator.

The property offers I-710 freeway frontage, 24 dock-high loading positions, plus excess land for trailer storage. The in-place lease is below market and, upon lease expiration, Rexford intends to perform functional and cosmetic upgrades to increase rent to higher market rates. According to CBRE, the vacancy rate in the 223 msf LA South Bay submarket was 0.9% at the end of the first quarter 2019.

According to the company, the assets, acquired through off-market transactions, are fully leased, providing immediate cash flow as well as longer term value-add opportunities to increase cash flow. With $428 mil of acquisitions completed year-to-date, Rexford continues to generate strong internal and external growth, creating current and long-term value for its shareholders.





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