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9/24/14
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Rexford Industrial Realty recently completed a large buy in the San Fernando Valley, paying $30.5 mil for a 319.3k sf ($95/sf) industrial building in Chatsworth. The company paid cash for the building, located at 9120 Mason Ave, north of Nordhoff St and west of Winnetka Ave.
"This acquisition of 9120 Mason Avenue further expands the Company’s presence in one of our core infill Southern California submarkets and brings Rexford’s total acquisition volume thus far in 2014 to more than $260 mil,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “The 9120 Mason Avenue property is 100% leased through 2020 with two occupants and was fully renovated in 1999. This high-quality building combines market leading features with the flexibility to support one to three tenants, enabling a variety of releasing or re-tenanting options to maximize rents over time.”
The building is situated on 11.82 acres and features 24-26 foot minimum clearance, exceptional loading capacity with 61 dock-high positions, state-of-the-art ESFR fire sprinkler system and a large secured yard. The property is positioned between the 405, I-5, SR-118, and SR-101 freeways, is 10 minutes from the Burbank Airport and is rail-served.
As of June 30, 2014, according to CBRE, the vacancy rate for the 172 msf Greater San Fernando Valley industrial property submarket stood at just 1.3%.
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