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12/22/14
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Rexford Industrial Realty picked up a three-building industrial complex in Los Angeles for $11.9 mil, or approximately $187/sf. The acquisition was funded with the company’s credit facility.
The property, located at 11120, 11160 and 11200 Hindry Ave, consists of three multi-tenant industrial buildings, with a total of 63.7k sf on 2.88 acres. The complex is currently 87.0% occupied, and is comprised of a 10-unit, 25k sf building and two air-freight buildings totaling 38k sf with 24 dock-high doors.
The project comprises a high quality, diverse tenant base including freight forwarders, TSA bonded warehouse, government agencies and corporate headquarters for well-established regionally-based businesses. Rexford Industrial plans to upgrade the property and increase its marketability to drive occupancy and facilitate roll-up to market rents on renewal or re-leasing.
The property is located in the South Bay / LAX submarket, adjacent to the Los Angeles Airport with favorable access to the I-405 and I-105 highways. According to CBRE, the vacancy rate in the 217.6 msf South Bay submarket stood at 1.8% at the end of the third quarter of 2014.
The property’s rare combination of location and modern functionality make it highly desirable to air freight and airport support services as well as tenants requiring proximity to West Los Angeles, note Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the company. Rexford expects to lease the building’s existing vacancy, and increase rental rates to market upon renewal or re-leasing, to drive increased cash flow and enhanced returns.
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