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3/20/19
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Rexford Industrial Realty has acquired two SoCal industrial properties in separate deals totaling $12.2 mil. One of the properties is in Vista, while the other is in Santa Clarita. The acquisitions were funded using cash on hand.
In one of the buys, Rexford acquired 2455 Ash St, located in Vista within the North San Diego County submarket, for $6.7 mil, or $157 per square foot. The property contains 42.5k sf on 3.45 acres of land, and is 100% leased to a single tenant.
The building features dock-high loading, 22-foot clearance and a private yard. The company intends to harvest cash flow from an existing long-term lease and will perform minor upgrades adding value upon re-leasing. According to CBRE, the vacancy rate in the 53 msf San Diego County submarket was 5.5% at the end of the fourth quarter 2018.
In the other transaction, the firm bought 25413 Rye Canyon Road, located in Santa Clarita within the San Fernando Valley submarket, for $5.5 mil, or $115 per square foot. The property contains 48.1k sf on 2.60 acres of land, and is currently 40% leased.
While retaining the current tenant in-place, Rexford intends to demise the property into a two-tenant building and complete value-add renovations. According to CBRE, the vacancy rate in the 174 msf San Fernando Valley submarket was 1.6% at the end of the fourth quarter 2018.
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