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LOS ANGELES COUNTY NEWS
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Rexford Industrial Realty Completes $336 Mil of SoCal Acquisitions in Fourth Quarter 2022

1/09/23

Rexford Industrial Realty Inc recently ten industrial properties for an aggregate purchase price of $336.2 mil during the fourth quarter of 2022. The transactions were funded using a combination of cash on hand and proceeds from forward equity settlements.

With these transactions, Rexford completed $2.4 bil of acquisitions in 2022, enabling the firm to continue growing its infill portfolio in SoCal, the largest and highest demand industrial market in the United States.

In the fourth quarter of 2022, through off-market and lightly marketed transactions, the company acquired:

3131 E. Harcourt St and 18031 S. Susana Rd, Rancho Dominguez, located within the LA South Bay submarket -- for $27.5 mil, or $208 per land square foot. The three-acre site is located immediately adjacent to a 2.5-acre site acquired in August 2022. Upon near-term lease expiration, the company intends to redevelop the combined sites into a low coverage logistics facility containing a 34k sf building and oversized container storage yard. The investment generates an initial 2.2% unlevered cash yield projected to grow to an unlevered stabilized cash yield on total investment of 5.6%. According to CBRE, the vacancy rate in the 221 msf LA South Bay submarket was 1.2% at the end of the third quarter 2022.

14400 S. Figueroa St, Los Angeles, located in the LA South Bay submarket -- for $49 mil, or $234 per land square foot. The 4.8-acre site is located immediately adjacent to a one-acre site acquired in July 2022. The company intends to reposition the combined site into a low coverage logistics facility containing a 57k sf, cross-dock building and oversized container storage yard. The investment is projected to generate a 5.1% unlevered stabilized cash yield on total investment.

A five-property portfolio located across the LA South Bay submarket and Inland Empire West submarket for $198.1 mil, or $382 per square foot. The properties are located at 2130-2140 E. Del Amo Blvd and 20455 S. Reeves Ave in Carson, 19145 Gramercy Place in Torrance, and 14874 Jurupa Ave and 10600 Mulberry Ave in Fontana. In aggregate, the portfolio totals 518.9k sf on 24.6 acres of land and is 100% leased to six tenants. The investment generates an aggregate initial 5.0% unlevered cash yield projected to grow to an aggregate unlevered stabilized cash yield on total investment of 5.5% through re-leasing at market rents and annual contractual rent increases. According to CBRE, the vacancy rate in the 329 msf Inland Empire West submarket was 0.4% as of third quarter 2022.

755 Trademark Circle, Corona, located in the Inland Empire West submarket, for $10.5 mil, or $305 per square foot. The 34.4k sf building situated on 1.6 acres is leased to a single tenant through a long-term sale leaseback. The investment generates an initial unlevered yield of 5.3%, growing over time through 4.0% contractual annual rent increases.

4500 Azusa Canyon, Irwindale, located in the LA San Gabriel Valley submarket, for $40 mil, or $116 per land square foot. The 7.9-acre, low coverage site is improved with 77.3k sf of buildings and leased to a single tenant through a sale leaseback. The investment generates an initial unlevered cash yield of 5.3%, growing over time through 3.0% contractual rent increases. According to CBRE, the vacancy rate in the 160 msf LA San Gabriel Valley submarket was 1.2% at the end of the third quarter 2022.

7817 Haskell Ave, Van Nuys, located in the LA San Fernando Valley submarket, for $11.1 mil, or $128 per land square foot. The two-acre industrial outdoor storage site is 100% leased to a single tenant. The investment generates an initial unlevered cash yield of 5.3% projected to grow to a 5.9% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 177 msf LA San Fernando Valley submarket was 0.5% at the end of the third quarter 2022.





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