The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership Subscriber Home Newsletter Contact Us Advertise
March 30, 2017
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
Online Store
 Executive Subscribers
Subscriber Home
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



VENTURA COUNTY NEWS
Printer-friendly Version   Email an Associate
Rexford Industrial Realty Completes Two Acquisitions While Selling Two Other Assets

7/12/16

Rexford Industrial Realty recently closed on the acquisition of two assets. These transactions include picking up the remaining 85% interest in a property previously held in a joint venture for approximately $21.8 mil, and buying a multi-tenant industrial building for $7.6 mil.

In addition, the firm disposed of two assets for a total of approximately $19.2 mil. The acquisitions were funded using proceeds from the dispositions and cash on hand.

In the larger transaction Rexford acquired the remaining 85% interest that it did not previously own in 3233 Mission Oaks Blvd in Camarillo for $21.8 mil, at a total property valuation of $25.7 mil, or approximately $56/sf. The property is comprised of two buildings containing 457.7k sf on 31.9 acres of land.

The joint venture recently completed an $11 mil capital improvement program, including modernization and demising of 295k sf of warehouse area into eight spaces ranging from 21k sf to 57k sf. Further, land coverage is currently 33%, providing the value-add potential to develop additional industrial space on the site. The property is located adjacent to the 101 Fwy with significant freeway frontage and is the last of three properties to have been sold out of the company’s only joint venture.

Subject to customary prorations and related post-closing adjustments, Rexford expects to receive approximately $1.8 mil back from the joint venture within approximately thirty days as realization of Rexford’s promoted profits interest earned in the joint venture. According to CBRE, the vacancy rate in the 63 msf Ventura County submarket was 3.4% at the end of the first quarter 2016.

Rexford also acquired 525 Park Ave in San Fernando, located in the San Fernando Valley submarket, for $7.6 mil, or $119/sf. The two-tenant industrial building contains 63.4k sf on 2.5 acres of land. The asset is a modern vintage Class A property with dock-high loading and high-pile storage capability, which are rare within the submarket, and is leased to strong, regionally entrenched tenants at aggregate rates that the Company believes are approximately 25% below market.

Rexford intends to harvest cash flow from the existing tenants and implement planned functional enhancements upon expiration and to increase rents to current market rates. According to CBRE, the vacancy rate in the 173 msf San Fernando Valley submarket was 1.2% at the end of the first quarter 2016.

Separately, the company sold 12910 Mulberry Dr, a 153.1k sf, 1960’s vintage building with 18-foot clear-heights located in Whittier, in the Los Angeles’ Mid Counties submarket, for $15 mil, or $98/sf. The company also sold 1840 Dana St, a 13.5k sf creative industrial building in Glendale for $4.25 mil, or $315/sf. Both assets were sold vacant to users and proceeds from both dispositions were used in a tax deferred exchange contributed towards the Mission Oaks acquisition.






Return to the Archive page
 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings | Online Store

Copyright © 2017 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media