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1/08/24
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Rexford Industrial Realty Inc recently acquired two industrial property investments for an aggregate purchase price of $69.5 mil and sold one property for $11.3 mil. The acquisitions were funded using proceeds from forward equity settlements, cash on hand and 1031 disposition proceeds.
For the full year 2023, Rexford Industrial completed $1.5 bil of investments and currently has a near-term pipeline comprising approximately $75 mil of new investments under contract or accepted offer.
In December, the company acquired:
• 600-708 E. Vermont Ave, Anaheim, located in the OC – North submarket, for $57 mil, or $108 per land square foot. Following a short-term leaseback, the company intends to redevelop the 12.1-acre site into a 264k sf divisible Class A building. The value-add investment is projected to generate a 6.7% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 117 msf OC – North submarket was 0.9% at the end of the third quarter 2023.
• 11234 Rush St, South El Monte, located in the LA – San Gabriel Valley submarket, for $12.5 mil or $61 per land square foot through an off-market transaction. The company intends to redevelop the vacant 4.7-acre land site into a 102k sf Class A industrial building, designed to accommodate up to four tenants. The investment is projected to generate a 6.4% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 161 msf LA – San Gabriel Valley submarket was 1.5% at the end of the third quarter 2023.
In December, the company disposed of:
• 3720-3750 W. Warner Ave, Santa Ana, located in the OC – Airport submarket, for $11.3 mil or $292 per square foot. The multi-tenant building, totaling 38.6k sf, was 100% occupied at the time of sale. The unlevered IRR on the transaction to the company is 28%. Proceeds from the sale were reinvested into the acquisition of 600-708 E. Vermont Ave.
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