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LOS ANGELES COUNTY NEWS
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Rexford Industrial Realty Spends $115 Mil on Trio of SoCal Properties

8/13/21

Rexford Industrial Realty Inc recently closed on the purchase of three SoCal industrial properties comprised of a 5.8-acre redevelopment site, a 107k sf industrial building and a 22.3-acre industrial outdoor storage site, for an aggregate purchase price of $115.2 mil. The acquisitions were funded using cash on hand.

In July and August, the company acquired the following properties:

1901 Via Burton, located in Fullerton, within the Orange County-North submarket, for $24.2 mil or $96 per land square foot. The company intends to re-develop the current 5.8-acre site into a new 139k sf warehouse featuring 36' clear height, superior functionality and a secure storage yard. The stabilized unlevered cash yield on total investment is projected to be approximately 5.5% upon lease-up. According to CBRE, the vacancy rate in the Orange County North submarket was 1.4% at the end of the second quarter 2021.

1555 S. Cucamonga Ave, located in Ontario, within the Inland Empire West submarket for $21 mil, or $51 per land square foot. Acquired through an off-market transaction, the 100% leased, 107k sf, multi-building industrial property is located on 9.4 acres of land near the Ontario Airport. Following the near-term expiration of an in-place lease, the company intends to redevelop the site with a new 213k sf modern, Class A logistics building featuring 36-foot clear heights. The stabilized unlevered cash yield on total investment is projected to be approximately 6.0% upon lease-up. According to CBRE, the vacancy rate in Inland Empire West submarket was 1.0% at the end of the second quarter 2021.

1800 E. Lomita Blvd, located within the LA South Bay submarket for $70 mil, or $73 per land square foot. Acquired through a lightly-marketed transaction, the 22.3-acre industrial outdoor storage site is 100% leased to credit tenants. The site is zoned for by-right outdoor container storage and stacking, a highly desirable feature given its close proximity to the Los Angeles-Long Beach port complex. The investment generates an initial 3.6% unlevered yield which is expected to grow substantially over time as current in-place leases at rental rates estimated to be nearly 50% below market are rolled to higher market rents. According to CBRE, the vacancy rate in the LA South Bay submarket was 0.6% at the end of the second quarter 2021.

Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California infill markets, owns 271 properties with approximately 33.2 msf and manages an additional 20 properties with approximately 1 msf of space.






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