The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 4, 2024
 Search RENTV
   Go!
 The REview
 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
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Rexford Industrial Spends $143 Mil on Two SoCal Buys in May

5/30/24

Rexford Industrial Realty closed on two industrial property purchases in deals with a combined price of $143 mil during the month of May. The SoCal-based firm also completed the disposition of three properties for an aggregate sales price of $27 mil during the month. The acquisitions were funded using cash on hand and 1031 exchange disposition proceeds. Year to date, Rexford Industrial has completed $1.3 bil of acquisitions and $37 mil of dispositions.

In one of the acquisitions, Rexford purchased a 278.6k sf property on 12 acres at 1901 E Rosslynn Ave in Fullerton for $94.3 mil, or $338 per square foot. The single-tenant industrial building features 30-foot clear height and excess land for outside storage and trailer parking. It is leased to a highly entrenched tenant.

The investment generates an initial unlevered cash yield of 5.6%, growing through annual embedded rent steps of 4.25%. According to CBRE, the vacancy rate in the 115 msf North Orange County submarket was 1.0% at the end of the first quarter 2024.

In the other purchase, Rexford bought 16203-16233 Arrow Highway in the city of Irwindale for $48.5 mil, or $360/sf in an off-market transaction. The six-acre property contains 134.5k sf of improvements comprising four newly developed, Class A industrial buildings featuring best-in-class 30-foot warehouse clear height and highly-sought-after dock-high loading.

The investment generates an initial unlevered cash yield of 6.2%, growing through average annual embedded rent steps of 4.2%. According to CBRE, the vacancy rate in the 161 msf LA – San Gabriel Valley submarket was 3.0% at the end of the first quarter 2024.

Rexford’s dispositions during May included:

• 6407-6431 Alondra Blvd, Paramount, located in the LA – South Bay submarket, for $7.6 mil or $251/sf. The two multi-tenant buildings total 30.2k sf and were 81% occupied at the time of sale. The unlevered IRR to the company is 16.6%.

• 15401 Figueroa St, Los Angeles, located in the LA – South Bay submarket, for $10.2 mil, or $265/sf. The 38.4k sf, single-tenant industrial building was sold vacant to a user for an unlevered IRR to the company of 12.6%.

• 8210 Haskell Ave, Van Nuys, located in the LA – Greater San Fernando Valley submarket, for $9.2 mil or $351/sf. The 26.2k sf, single-tenant industrial building was sold vacant to a user for an unlevered IRR to the company of 9.6%.

Rexford currently has a near-term acquisition pipeline comprising approximately $40 mil of new investments within prime infill Southern California industrial markets under contract or accepted offer.





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

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media