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12/10/20
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Rexford Industrial Realty is closing out the year with yet another big, end-of-year SoCal portfolio buy. Just one day after we announced the firm’s $154.6 mil acquisition of the 18-building Van Nuys Airport Center portfolio, we’ve got news of a $129.4 mil purchase of a four-building, 632.5k sf Inland Empire portfolio.
In this latest transaction, Rexford acquired four single-tenant industrial properties for $205 per square foot on 30.23 acres of land located in the Inland Empire – West submarket. The newly constructed portfolio offers highly-functional, low-finish logistics facilities appealing to a wide range of e-commerce and distribution users with modern 32' clear heights, extensive dock-high loading, ESFR fire sprinklers, and excess container storage in secured truck courts.
The portfolio is currently 63% leased to high quality, national tenants focused on logistics and wholesale trade with near-term lease-up expected on vacant space. The stabilized unlevered yield on total investment for the portfolio is expected to be approximately 4% with ongoing 3% or greater annual contractual rent increases expected thereafter. According to CBRE, the vacancy rate in the 312 msf Inland Empire – West submarket was 2.5% at the end of the third quarter 2020.
The properties are located at 4039 State St in Montclair (139k sf), 10156 Live Oak Ave in Fontana (236.9k sf), 10694 Tamarind Ave in Fontana (100k sf), and 2520 W Baseline Rd in Rialto (156.6k sf). With these latest purchases, year-to-date acquisitions for Rexford have surpassed $1 bil.
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