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5/08/20
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Rexford Industrial Realty Inc has closed on another SoCal industrial buy, paying $21 mil for a 120k sf ($175/sf) facility located at 6687 Flotilla St, east of Garfield Ave and south of Olympic Blvd in the City of Commerce. The purchase was funded using cash on hand.
The property comprises a divisible, single-tenant industrial building on 5.1 acres of land. The building is fully leased to an entrenched tenant at a rent estimated to be 40% below market with a near-term lease expiration.
The company's strategy for the property is to capitalize upon its high-image office, 20'-24' clear heights, extensive dock-high loading and a large secured yard, by undertaking light improvements in order to either renew the existing tenant or re-lease at market rents. According to CBRE, the vacancy rate in the 290 msf LA – Central submarket was 1.7% at the end of the first quarter 2020.
Jeff Stephens, Jack Mergenthaler and Evan Crawford of CBRE represented the private seller in the transaction. The buyer was self-represented.
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