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SOUTHERN CALIFORNIA NEWS
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Rexford Industrial Realty Spends $15.5 Mil on Azusa Industrial Asset

4/13/20

Rexford Industrial Realty Inc purchased a 71.7k sf industrial property in the San Gabriel Valley for $15.5 mil. The asset was acquired through a sale-lease-back, off-market transaction underwritten on a land value basis that worked out to $59 per land square foot.

The building sits on just over six acres of land at 720-750 N Vernon Ave, north of the 210 Fwy and west of Azusa Ave in the city of Azusa. The property is fully leased on a long-term, triple net basis. Rexford intends to harvest cash flow from the in-place lease, and, upon lease expiration, to redevelop the site by constructing a new, substantially larger Class A warehouse/distribution facility.

Commenting on the purchase, Rexford execs point out that the Vernon Avenue acquisition is a well located, fully occupied industrial property with a long-term in-place triple net lease, providing a favorable level of recurring cash flow plus the potential for future value-add redevelopment given the relatively low implied value of the underlying land.

According to CBRE, the vacancy rate in the 153 msf LA San Gabriel Valley submarket was 1.5% at the end of the fourth quarter 2019.





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