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10/25/18
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Rexford Industrial Realty Inc purchased a three-building, 73.7k sf industrial property in Oceanside for $10.2 mil ($138/sf). The acquisition was funded with cash on hand.
The acquisition consists of three separate land parcels totaling 3.64 acres. The buildings, located at 1332, 1336 and 1340 Rocky Point Dr, are currently 31% occupied. Constructed in 2009, the buildings feature 24' clear height, dock-high loading, high-image and modern functionality. The company intends to undertake minor functional and cosmetic upgrades on the two vacant buildings to capture full rents upon lease-up.
These modern industrial buildings are well located in a supply constrained submarket, and provide an attractive opportunity to create value through lease up to stabilization, the company points out. According to CBRE, the vacancy rate in the 53 msf San Diego – North submarket was 4.7% at the end of the third quarter 2018.
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