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12/27/16
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Rexford Industrial Realty Inc purchased an 83.5k sf industrial facility in San Diego’s Miramar area in a recent $15.5 mil ($186/sf) transaction. The acquisition was funded with cash on hand.
The property, situated on over six acres at 9190 Activity Rd, west of I-15 and north of Miramar Rd, is currently 100% leased to a strong credit tenant, with more than six years remaining lease term. According to CBRE, the vacancy rate in the 80 msf Central San Diego submarket was 4.8% at the end of the third quarter, 2016.
The property features an abundance of cross-dock loading, low site coverage, new contemporary offices and 22'-24' clearance. The property's favorable dock-high loading ratio provides superior utility compared to the submarket standard and the excess land allows for extra parking or trailer storage, ideal for ecommerce uses.
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