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December 10, 2017
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SOUTHERN CALIFORNIA NEWS
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Rexford Industrial Realty Repositions Two SoCal Properties

10/18/17

Rexford Industrial Realty has wrapped up the value-add repositioning and lease-up at two SoCal properties totaling 317k sf of space. The company had previously acquired the assets, located at 3880 W. Valley Blvd in Pomona and 12131 Western Ave in Garden Grove, for $7.4 mil, using cash on hand.

In the San Gabriel Valley submarket, Rexford finished repositioning and leasing a single-tenant 108.5k sf free-standing building in Pomona with excess land for container storage. After the previous tenant vacated, Rexford completed extensive renovations including a new building fašade, renovation of office areas, 19 new dock-high loading positions and ESFR fire sprinklers.

In August 2017, the company signed a five-year NNN lease to a luxury high-end car company which commenced in September 2017. Rexford achieved a 6.9% unlevered cash yield on total investment based upon the income from the initial year of the lease, which also comprises annual rental rate increases throughout the term of the lease.

The tenant was represented by Douglas Sharpe with NAI Capital. Rexford was repped by Robin Dodson, Erik Larson, and Christopher Tolles with Cushman & Wakefield.

In Garden Grove, Rexford completed repositioning and lease-up of 12131 Western Ave, a single-tenant, free standing cross-dock building containing 208k sf. After the previous tenant vacated, Rexford completed a full building renovation including a new two-story lobby, modernization of office areas and new ESFR fire sprinklers.

In October, they signed a 10-year NNN lease with Southland Industries, a national engineering firm, which is expected to commence at year end. Rexford achieved a 5.9% unlevered cash yield on total investment based upon the income from the initial year of the lease, which comprises 3% annual rental rate increases through the term of the lease.

The tenant was represented by Matt Wiley of Savills Studley. Rexford was repped by Clyde Stauff and Michael Hartel with Colliers and Mike Bouma with Voit Real Estate Services.

Also, in September, in an off-market transaction, Rexford acquired 1825 S. Soto Street, located in the Los Angeles - Central submarket, for $3.5 mil ($139/sf). The property consists of 25k sf on just over one acre, and is fully leased at substantially below market rates to a publicly traded company. The building has 26' clear heights and a secured yard.

According to CBRE, the vacancy rate in the 286 msf Central Los Angeles submarket was 1.6% at the end of the third quarter 2017.

In September, Rexford also acquired 19402 S. Susana Rd in Rancho Dominguez, located in the Los Angeles - South Bay submarket, for $3.9 mil, or approximately $255 per square foot. The 15.4k sf industrial building is situated with excess paved land on 1.69 acres and is fully leased to one tenant.

According to CBRE, the vacancy rate in the 221 msf South Bay submarket was 0.8% at the end of the third quarter 2017.




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