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11/12/19
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Rexford Industrial Realty Inc has acquired another SoCal industrial property, paying $27.6 mil for a 120.3k sf ($54/sf) facility in Brea. The acquisition was funded using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.
Rexford’s latest purchase is at 404-430 Berry Way, north of the 90 Fwy and west of the 57 Fwy. The low-coverage site comprises three industrial buildings with excess paved land. The 11.79-acre site is well located in a highly supply constrained submarket. According to CBRE, the vacancy rate in the 115 msf Orange County – North submarket was 2.3% at the end of the third quarter 2019.
According to Rexford, Berry Way is a fully-leased, low-coverage industrial site comprising three buildings and excess land, and presenting the future potential to drive cash flow growth through a range of re-leasing or repositioning strategies. With this deal, the company has completed over $800 mil of acquisitions year-to-date.
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