July 27, 2017 Comments Off on Rexford Acquires Industrial Property for $20M Views: 934 California News, Inland Empire

Rexford Acquires Industrial Property for $20M

Rexford Industrial Realty, Inc. acquired a 100%-leased industrial facility in the Inland Empire West submarket for $19.8 million. The 201,035-square-foot facility is located at 11190 White Birch Dr. in Rancho Cucamonga, CA. The acquisition was funded utilizing the REIT’s line of credit.

Rexford’s Michael Frankel says, “This well-located property has significant rental upside, allowing us to capture near term cash flow and, upon lease expiration, the potential to roll rents to higher market rates.”

The property is located on 9.27 acres of land and occupied by logistics provider 3PL Worldwide on a triple net basis at below-market rent. The property features 26-foot clearance, 26 dock-high doors, and provides easy access to the 10 and 15 freeways. The building was originally constructed for two-tenant occupancy and, upon lease expiration, the property has the potential for efficient re-tenanting to two tenants at higher rents.

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