Dealmaker: Rexford Industrial Acquires Two Industrial Portfolios for $214M
Rexford Industrial Realty, Los Angeles, acquired two industrial property portfolios for $213.7 million.
The real estate investment trust focuses on industrial properties in southern California infill markets. On Dec. 31 it acquired a four-building industrial portfolio and an industrial outdoor storage property for $103.1 million, funding the acquisitions using newly issued operating partnership units and cash on hand.
The company acquired through an off-market transaction four single-tenant industrial properties in the San Fernando Valley, LA Mid-Counties and Inland Empire West submarkets for $86.3 million, or $208 per square foot. The fully leased properties total 414,744 square feet on 25 acres.
The properties included 29010 Avenue Paine, Valencia (100,157 square feet); 29010 Commerce Center Drive, Valencia (117,151 square feet); 13369 Valley Boulevard, Fontana (105,041 square feet); and 6635 Caballero Boulevard, Buena Park (92,395 square feet). Rexford also acquired an industrial outdoor storage property located at 1235 South Lewis Street in Anaheim for $16.8 million, or $80 per land square foot.
Earlier in December Rexford acquired a six-building industrial portfolio for $93.8 million using cash on hand. The portfolio properties are located at 1921-1931 E 27th Street (35,000 square feet); 2011-2025 E 27th Street (40,437 square feet); 2031-2099 E 27th Street (98,389 square feet); 2034-2040 E 27th Street (126,563 square feet); 2750 S Alameda Street (63,318 square feet); and 2800-2840 S Alameda Street (100,708 square feet).
The company also acquired 12211 Greenstone Avenue in the L.A./Mid-Counties submarket for $16.8 million, or $77 per land square foot. The five-acre industrial outdoor storage yard was developed in 2019 and is currently leased to a national tenant.
CBRE reported the vacancy rate in the 112-million-square-foot L.A./Mid-Counties submarket fell to 2.2 percent at the end of third-quarter 2020. Rexford acquired $1.22 billion in industrial properties representing 5.0 million square feet during 2020, bringing the company’s total portfolio to 248 properties comprising 31.5 million square feet.
