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6/08/18
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Rexford Industrial Realty acquired a 91.5k sf, single-tenant industrial property in Torrance for $14 mil, or $153/sf. The property sits on 3.77 acres at 3100 Fujita St, east of Hawthonrce Blvd and north of Lomita Blvd.
The property is currently 100% leased to a single tenant who has occupied the property since 1992. Rexford intends to continue long term occupancy of the current tenant, or, should the tenant ultimately vacate upon lease expiration, to capitalize upon the opportunity to perform value-add improvements which may include demising the property into high-demand multi-tenant industrial units.
The acquisition was funded through a combination of cash on hand and draws on the company's line of credit. With this deal, the company has completed more than $267 mil in acquisitions year-to-date.
According to CBRE, the vacancy rate in the 223 msf LA – South Bay submarket was 0.8% at the end of the first quarter 2018.
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