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5/02/17
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Rexford Industrial Realty has purchased one industrial property for $16.5 mil, while selling another for $6.9 mil. Proceeds from the disposition and borrowings under the company's line of credit were used to fund the acquisition.
Rexford acquired 2390 Ward Ave, located in Simi Valley, for $16.5 mil, or approximately $119/sf. The highly-functional property contains 138.7k sf on 8.07 acres and is leased at below-market rates. The modern building features 28' clear height, an above-standard dock-high door ratio and excess parking with low site coverage. Scott Caswell with Lee & Associates represented both parties in this transaction.
According to CBRE, the vacancy rate in the 63 msf Ventura County submarket was 2.4% at the end of the first quarter, 2017.
Separately, the company sold 9375 Archibald Ave for approximately $6.9 million, or $110/sf. The property includes multiple buildings comprising 62.7k sf, located in the Inland Empire West submarket. Proceeds from the sale were used in a tax deferred 1031 exchange to fund a portion of the Ward Avenue acquisition.
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