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7/07/15
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SoCal-based Rexford Realty Inc has added another asset to its portfolio with the recent $14.5 mil purchase of a 78.3k sf ($185/sf) building in Huntington Park. The acquisition was funded with cash on hand and borrowings under the company’s credit facility.
The building, a cold storage facility, is located at 6700 S. Alameda St, north of Florence Ave on the east side of Alameda St. It is a modern, high-efficiency cooler / freezer building constructed in 2008 with 43’ clear heights, which are rare in this market, providing significantly more cubic feet of storage than competitive facilities typically offering 24’ to 36’ clear heights.
The seller transferred the existing client warehousing contracts to the new tenant, which is operating the facility under a new, 10-year triple net lease. The property is just south of the City of Vernon and offers easy access to the 110, 710, 10 and 105 Freeways.
According to CBRE, the vacancy rate in the 285 msf LA-Central submarket stood at 2.0% at the end of the first quarter of 2015.
According to Michael Frankel, Co-Chief Executive Officer of Rexford, the company consummated a lease with a new tenant for the entire space under a new, 10-year triple net lease. “The property represents a best-in-class facility, with clear heights and cooling efficiency superior to competing product in a supply-constrained market, from-which we expect to produce strong, stable cash flows going forward.”
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