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10/08/19
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Rexford Industrial Realty has acquired three SoCal industrial properties for $76 mil. The purchases were funded using cash on hand.
In the largest deal, Rexford acquired Slauson Commerce Center, located in City of Commerce within the LA – Central Submarket, for $41.3 mil, or $123 per square foot. The property comprises two divisible distribution buildings totaling 336.1k sf on 10.51 acres of land. The buildings are 98% leased at rental rates estimated to be materially below-market.
Located within one of the most highly supply-constrained submarkets within infill Southern California, the property features extensive dock loading as well as rail service. According to CBRE, the vacancy rate in the 165 msf LA – Central submarket was 1% at the end of the second quarter 2019.
The company also acquired 2328 Teller Road, a multi-tenant industrial complex located in Thousand Oaks, within the Ventura County submarket, for $23.3 mil, or $184 per square foot. The property contains 126.3k sf of improvements on 8.11 acres of land and is 93.4% leased at rental rates estimated to be substantially below-market.
Rexford intends to increase rents to higher market rates upon lease expirations or renewal. According to CBRE, the vacancy rate in the 64 msf Ventura submarket was 2.2% at the end of the second quarter 2019.
And in the third purchase, Rexford bought 750 W. Manville Street, located in Compton, within the LA – South Bay submarket, for $11.5 mil, or $192 per square foot, in an off-market transaction. The property contains 60k sf of improvements on 2.76 acres of land and is fully leased, long term, to a single tenant. According to CBRE, the vacancy rate in the 223 msf LA – South Bay submarket was 0.6% at the end of the second quarter 2019.
According to Rexford, these acquisitions contribute over 500k sf of irreplaceable industrial property within high-barrier, prime infill Southern California locations. Year to date, the firm has completed over $765 mil of investments.
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