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6/23/17
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Rexford Industrial Realty recently completed the acquisition of two industrial properties in deal totaling $35.9 mil. The acquisitions were funded with cash on hand.
In one of the transactions, Rexford acquired 4175 E. Conant St., located in the Long Beach/Los Angeles South Bay submarket, for $30.6 mil, or approximately $215/sf. The Class A industrial building is 100% leased to a single tenant on a triple net basis, with 13 years remaining lease term.
The newly constructed facility features 32' clear height and LEED certification. The property is situated in the Long Beach airport micro-market, which is experiencing substantial new development of retail, office and hotels adjacent to the Conant property. According to CBRE, the vacancy rate in the 220 msf South Bay submarket was 0.6% at the end of the first quarter 2017.
In the other transaction, Rexford purchased 5421 Argosy Avenue, located in the Orange County West submarket, for $5.3 mil, or approximately $150/sf. The single-tenant industrial building is 100% leased as a mission-critical facility for a high-quality tenant at rents that are modestly below market, offering potential upside at lease expiration. The property features a large secured yard, a rarity in the Orange County West submarket. According to CBRE, the vacancy rate in the 41 msf Orange County West submarket was 0.6% at the end of the first quarter 2017.
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