The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 12, 2020
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Rexford Industrial Realty Closes Out 2019 with a Fountain Valley Purchase and an Oxnard Disposition

1/14/20

In the latest SoCal activity at Rexford Industrial Realty, the firm purchased an industrial property in Fountain Valley for $14 mil and sold a property in Oxnard for $9.6 mil. The acquisition was funded using cash-on-hand and disposition proceeds. The transactions were completed during the fourth quarter of 2019.

In Fountain Valley, Rexford acquired a single-tenant, industrial building containing 62.8k sf on 3.54 acres of land at 18250 Euclid St, within the Orange County West submarket, for $223 per square foot. The property was acquired through an off-market, sale-leaseback transaction.

The high-image, low coverage property provides immediate access to the 405 Fwy with future value-add potential for enhanced last-mile industrial distribution use or for a higher-value non-industrial use. According to CBRE, the vacancy rate in the 41.6 msf Orange County West submarket was 2.0% at the end of the third quarter 2019.

In addition, Rexford sold Eastman Business Park, located at 2350-2380 Eastman Ave in Oxnard, within the Ventura County submarket, for $173 per square foot. The company had acquired the property for $6 mil in 2014 as part of a larger property portfolio acquisition. Proceeds from the disposition were recycled in a tax deferred 1031 exchange to fund a portion of the Euclid Street acquisition.

According to execs at Rexford, the company acquired Euclid Street through an off-market sale-leaseback transaction at a favorable in-place yield with the potential for future value-add repositioning. Also, by selling Eastman Business Park, the company capitalized upon a strong market and favorable pricing to dispose of this non-core asset located in Ventura County.

In 2019, Rexford completed $971 mil of acquisitions comprising 5.4 msf of industrial property within Southern California infill markets along with $33.6 mil of dispositions comprising 182k sf for the year.





Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media