The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
January 18, 2022
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





LOS ANGELES COUNTY NEWS
Printer-friendly Version   Email an Associate
Rexford Industrial Realty Starts the Year Off with $73 Mil in SoCal Industrial Acquisitions

2/09/21

Rexford Industrial Realty acquired five SoCal industrial assets for a total price of $72.7 mil. The purchases included 176.7k sf of improvements, a 2.5-acre industrial outdoor storage site and a 5.6-acre redevelopment site. The acquisitions were funded using a combination of cash-on-hand, 1031 proceeds and the assumption of debt on one property.

The Company acquired the following properties in January and February through off-market transactions:

5002-5018 Lindsay Court, located in Chino, within the Inland Empire-West submarket for $12.7 mil or $195 per square foot. The modern, two-tenant building contains 65k sf on 2.97 acres of land and features above standard loading with a 135-foot deep truck court. Following the near-term expiration of the two in-place leases, the Company intends to drive cash-flow growth by implementing a moderate capital improvement plan to reposition and re-lease the property at higher market rents. The stabilized unlevered cash yield on total investment is projected to be approximately 5.0%. According to CBRE, the vacancy rate in the 314 msf Inland Empire West submarket was 1.6% at the end of the fourth quarter 2020.

17907-18001 S. Figueroa Street, located in Los Angeles within the LA-South Bay submarket for $20.2 mil or $91 per land square foot. The 100% leased, 74.8k sf multi-building industrial property provides a low-coverage, 5.6-acre land site featuring immediate access to multiple freeways with the potential for either a) value-add repositioning to further drive rents and cash flow growth at the expiration of in-place leases, or b) ground-up re-development of a modern, single-tenant logistics building. The initial unlevered yield on total investment is approximately 3.5% and the expected stabilized yield is 5.5%. According to CBRE, the vacancy rate in the 219 msf LA South Bay submarket was 1.2% at the end of the fourth quarter 2020.

7817 Woodley Avenue, located in Los Angeles within the LA San Fernando Valley submarket for $10.0 mil or $270 per square foot, including the assumption of in-place debt. The 100% leased, single-tenant industrial property contains 36.9k sf on 1.63 acres. The property, which had been subject to a loan assumption to facilitate closing, represents the remaining asset in the Van Nuys Airport Industrial Center portfolio recently acquired by the Company during December 2020. According to CBRE, the vacancy rate in the 182 msf LA San Fernando Valley submarket was 2.2% at the end of the fourth quarter 2020.

514 East C Street, located in Wilmington, within the LA South Bay submarket for $10.0 mil or $92 per land square foot. The 100% leased, single-tenant trucking and container storage facility encompasses 2.5 acres of paved, fenced and illuminated yard with a 3.4k sf office building. The property is located adjacent to the Port of Los Angeles and was leased back to the seller at closing. The initial unlevered yield on total msf square foot LA South Bay submarket was 1.2% at the end of the fourth quarter 2020.

8888-8892 Balboa Avenue, located in San Diego within the San Diego Central submarket for $19.8 mil or $82 per land square foot. The Company plans to demolish the existing improvements on the 5.6 acre site and construct a new, 120.9k sf Class A industrial building featuring 36-foot clear heights. The stabilized yield on total investment is projected at 5.6%. According to CBRE, the vacancy rate in the 81 msf San Diego Central submarket was 3.8% at the end of the fourth quarter 2020.






Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2022 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media