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6/04/19
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Rexford Industrial Realty recently acquired two SoCal industrial properties in deals totaling $34.5 mil. The acquisitions – in the City of Industry and Sun Valley - were funded using cash on hand.
In one of the purchases, Rexford acquired 218 S. Turnbull Canyon Rd, located in the City of Industry within the LA – San Gabriel Valley submarket, for $27.1 mil, or $142/sf. The property contains 190.9k sf on 8.79 acres and is 100% leased to a single tenant at a below-market rent. The property features 30' clear height, 44 dock doors and ESFR fire sprinklers. According to CBRE, the vacancy rate in the 153 msf LA – San Gabriel Valley submarket was 1.4% at the end of the first quarter 2019.
Rexford also acquired 9750 San Fernando Rd, located in Sun Valley within the LA – Greater San Fernando Valley submarket, for $7.4 mil, or $63 per land square foot. The fully leased, paved site contains 35.6k sf of improvements on 2.69 acres, with significant outdoor storage space and potential for future redevelopment of a new distribution building.
According to company execs, Turnbull Canyon is a fully leased, single tenant industrial property offering modern functionality in a supply-constrained submarket. San Fernando Road is fully leased to a single tenant at a favorable yield and also represents a potential future redevelopment opportunity for Rexford.
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