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July 2, 2020
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Rexford Industrial Realty Buys One SoCal Property and Sells Another


Rexford Industrial Realty has acquired one SoCal industrial property for $8 mil, while selling another for $11.2 mil. The acquisition was funded using cash on hand.

In the acquisition, the company purchased 8985 Crestmar Point, located in San Diego within the Central San Diego submarket, for $8 mil, or $143 per square foot. The low-coverage property consists of an industrial building containing 55.8k sf on 3.42 acres of land that is currently 88% leased to two tenants at below-market rents. Upon lease expiration, Rexford intends to either renew or re-tenant at market rates, or to reposition the space into a two-tenant industrial building.

The building offers modern 26' clearance and appeals to a broad range of industrial tenants. According to CBRE, the vacancy rate in the 80 million square foot Central San Diego submarket was 5.2% at the end of the third quarter 2019.

According to the company, the Crestmar acquisition is a modern, highly functional industrial property currently leased to two tenants with in-place rent estimated to be significantly below market rates. Rexford expects to drive cash flow growth upon lease expiration through renewal or repositioning.

In the disposition, Rexford sold an industrial complex located at 13914-13928 E. Valley Blvd in La Puente, within the LA San Gabriel Valley submarket, for $11.2 mil, or $192 per square foot. The company had acquired the property for approximately $4.7 mil in 2013. Proceeds from the disposition will be recycled in a tax deferred 1031 exchange to fund acquisitions.

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