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11/16/18
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Rexford Industrial Realty Inc recently picked up two SoCal industrial properties for a combined $40.3 mil. The acquisitions were funded using available cash on hand. With these deals, Rexford has completed over $411 mil of acquisitions year-to-date.
In one deal, Rexford acquired 6131 and 6133 Innovation Way, located in Carlsbad within the San Diego – North County submarket, for $24.2 mil, or $211 per square foot. The property consists of two newly built, separately parceled buildings each with two tenant spaces, together containing 114.6k sf on 8.28 acres.
Currently 72% occupied, the buildings provide an opportunity for value-add lease-up with highly-functional space featuring 30'-32' clear height, dock-high loading and a 200' truck court. According to CBRE, the vacancy rate in the 53 msf San Diego – North County submarket was 4.7% at the end of the third quarter 2018.
The company also acquired 263-321 East Gardena Blvd, located in Carson within the LA – South Bay submarket, for $16.1 mil, or $68 per land square foot, in a sale-leaseback transaction. The single-tenant property comprises 55.2k sf of buildings on 5.41 acres, including excess land for container storage.
Upon closing of the transaction, the current occupant, a national trucking operator, signed a new five-year lease. According to CBRE, the vacancy rate in the 223 msf LA – South Bay submarket was 1.0% at the end of the third quarter 2018.
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