December 3, 2019 Comments (0) Views: 383 California News, Orange County

Rexford Lands OC Industrial Infill for $34M

Southern California’s infill industrial leader, Rexford Industrial Realty, Inc., acquired a four-tenant industrial park in Garden Grove, CA for $34 million ($130-per-square-foot of structure, or $70-per-square-foot of land).

12752-12822 Monarch Street features an existing 276,000-square-foot industrial building on 11.1 acres. The site offers nearby access to the 22 Freeway, a local arterial connecting coastal Orange County with inland Orange County and the L.A. Port complexes via its feed to the 405 freeway.

According to a prepared statement from Rexford’s Co-Chief Executives, the transaction “demonstrates the strength of our proprietary originations platform to catalyze off-market and lightly-marketed investments in the nation’s largest high-demand and high-barrier market within infill Southern California. Monarch Street, a four-tenant industrial building, presents the potential for future redevelopment and repositioning designed to drive cash flow and incremental value.”

According to its announcement, Rexford intends to reposition the property with functional and cosmetic improvements.

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