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October 17, 2021
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ORANGE COUNTY NEWS
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Rexford Industrial Realty Wraps Up $250 Mil in SoCal Industrial Buys

9/17/21

SoCal-based Rexford Industrial Realty has completed four industrial property acquisitions totaling 837.5k sf of improvements, for an aggregate purchase price of $250.5 mil. The purchases were funded using cash on hand and proceeds from forward equity settlements.

With these latest deals, the firm has completed over $1 bil of industrial property acquisitions within infill Southern California year-to-date and currently has $375 mil of additional investments under contract or with accepted offers. These most recent deals include the following properties:

1801 E. St. Andrew Place, located in Santa Ana, within the Orange County Airport submarket, for $105.3 mil, or $115 per land square foot. The 100% leased, covered land site comprises a 370.4k sf office/warehousing building on 21.3 acres, located adjacent to the CA-55 freeway with direct access to the I-5 and I-405 freeways. Fully leased long-term to two credit tenants, the investment is projected to generate an initial 5.6% unlevered cash yield, with approximately 2.5% average contractual annual rent increases. Upon expiration of in-place leases, the company intends to redevelop the site into modern, Class A logistics buildings. According to CBRE, the vacancy rate in the 68 msf Orange County Airport submarket was 2.6% at the end of the second quarter 2021.

2401-2421 N. Glassell St, located in Orange, within the Orange County North submarket for $70 mil, or $133 per land square foot. Acquired through an off-market transaction, the covered land site comprises a 12.5-acre property containing four office buildings totaling 191.1k sf, leased long-term to a single credit tenant. The site is located in a prime infill Orange County location with immediate access to the CA-57, CA-55, CA-91, CA-22, and I-5 freeways. The initial unlevered cash yield is projected at 4.9% with contractual annual rent increases of 3.0%. The company intends to redevelop the property upon expiration of the in-place lease by constructing new Class A industrial buildings. According to CBRE, the vacancy rate in the 115 msf Orange County North submarket was 1.4% at the end of the second quarter 2021.

2390-2444 N. American Way, located in Orange, within the Orange County North submarket for $16.7 mil or $96 per land square foot. Acquired through an off-market transaction, the 4.0-acre vacant site will be redeveloped into two state-of-the-art industrial buildings totaling approximately 96.1k sf, featuring 32' clear heights. Upon lease-up, the stabilized unlevered cash yield on total investment is projected to be 5.2%.

500 S. Dupont Ave, located in Ontario, CA, within the Inland Empire West submarket for $58.5 mil or $212 per building square foot. Acquired through an off-market transaction, the fully leased, 276k sf, single-tenant building is located on 11.1 acres in the heart of the high-demand Inland Empire-West submarket. The investment generates an initial 3.0% unlevered cash yield growing to a projected stabilized yield of 5.8% over time as the current in-place rent, estimated to be 40% below-market, is rolled to a higher market rent upon renewal or re-tenanting. According to CBRE, the vacancy rate in the 316 msf Inland Empire West submarket was 1.0% at the end of the second quarter 2021.





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