Dealmaker: Rexford Industrial Acquires $661M in Industrial Properties
Rexford Industrial Realty, Los Angeles, acquired seven southern California industrial properties for $660.9 million.
The real estate investment trust funded the acquisitions using cash on hand, proceeds from forward equity settlements and its line of credit.
In June and July, Rexford acquired:
–A six-building industrial project at 6221 and 6251 Archibald Avenue and 14301, 14319, 14337 and 14326 Limonite Avenue in Eastvale within the Inland Empire – West submarket for $470 million, or $445 per square foot.
–4325 Etiwanda Avenue, Jurupa Valley, in the Inland Empire – West submarket, in a $47.5 million off-market transaction.
–3935-3949 Heritage Oak Court, Simi Valley in the Los Angeles – Ventura County submarket, in a $56.4 million off-market transaction. According to CBRE, the vacancy rate in the 67 million square foot L.A. – Ventura County submarket equaled 0.6% during the first quarter.
–3547-3555 Voyager Street, Torrance, within the L.A. – South Bay submarket, through an off-market transaction for $20.9 million or $162 per land square foot. The three-acre covered land site contains a 60,248-square-foot multi-tenant industrial complex.
–400 W Rosecrans Avenue, Los Angeles, located within the L.A. – South Bay submarket for $8.5 million, or $193 per land square foot. The vacant 28,000-square-foot building occupies one acre.
–620 E Anaheim Street, Los Angeles, in the L.A. – South Bay submarket for $17.1 million, or $495 per square foot. The vacant 34,555-square-foot building sits adjacent to the Ports of Los Angeles and Long Beach and provides a large, secured yard.
–6996 and 7044 Bandini Boulevard in Commerce, within the L.A. – Central submarket, through an off-market transaction totaling $40.5 million. The property includes two contiguous parcels on 5.5 acres fronting the I-5 highway and is fully leased to a single tenant at a well below market rent. Upon lease expiration, the Rexford intends to drive cash flow growth through renewing the in-place tenant or through a future redevelopment. Rexford noted infill southern California is the nation’s highest demand and lowest vacancy industrial market.
