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November 12, 2019
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SOUTHERN CALIFORNIA NEWS
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Rexford Industrial Realty Spends $76 Mil on Trio of SoCal Industrial Assets

10/08/19

Rexford Industrial Realty has acquired three SoCal industrial properties for $76 mil. The purchases were funded using cash on hand.

In the largest deal, Rexford acquired Slauson Commerce Center, located in City of Commerce within the LA Central Submarket, for $41.3 mil, or $123 per square foot. The property comprises two divisible distribution buildings totaling 336.1k sf on 10.51 acres of land. The buildings are 98% leased at rental rates estimated to be materially below-market.

Located within one of the most highly supply-constrained submarkets within infill Southern California, the property features extensive dock loading as well as rail service. According to CBRE, the vacancy rate in the 165 msf LA Central submarket was 1% at the end of the second quarter 2019.

The company also acquired 2328 Teller Road, a multi-tenant industrial complex located in Thousand Oaks, within the Ventura County submarket, for $23.3 mil, or $184 per square foot. The property contains 126.3k sf of improvements on 8.11 acres of land and is 93.4% leased at rental rates estimated to be substantially below-market.

Rexford intends to increase rents to higher market rates upon lease expirations or renewal. According to CBRE, the vacancy rate in the 64 msf Ventura submarket was 2.2% at the end of the second quarter 2019.

And in the third purchase, Rexford bought 750 W. Manville Street, located in Compton, within the LA South Bay submarket, for $11.5 mil, or $192 per square foot, in an off-market transaction. The property contains 60k sf of improvements on 2.76 acres of land and is fully leased, long term, to a single tenant. According to CBRE, the vacancy rate in the 223 msf LA South Bay submarket was 0.6% at the end of the second quarter 2019.

According to Rexford, these acquisitions contribute over 500k sf of irreplaceable industrial property within high-barrier, prime infill Southern California locations. Year to date, the firm has completed over $765 mil of investments.






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