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SOUTHERN CALIFORNIA NEWS
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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.





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