May 26, 2017 Comments Off on Rexford Buys Ontario Industrial Park for $141M, Divests San Diego Asset for $40M Views: 394 California News, Inland Empire

Rexford Buys Ontario Industrial Park for $141M, Divests San Diego Asset for $40M

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Rexford Industrial Realty, Inc. acquired a 16-building industrial park in Ontario, CA from Los Angeles-based ARA for roughly $141.2 million. The REIT also completed the sale of an industrial property in San Diego for roughly $40.1 million. Proceeds from the disposition were reinvested into the new acquisition through a 1031 exchange with the balance of the purchase funded via a line of credit.

In October 2015, Rexford acquired the former Main Postal Annex facility in San Diego for $19.3 million. The company secured entitlements for a planned repositioning, but received an unsolicited offer for the vacant property. The undisclosed buyer plans to convert it to mixed creative office and residential use.

Safari Business Center totals roughly 1.14 million square feet on 52.2 acres adjacent to the Ontario Airport. The 97%-leased property is leased to 75 tenants. Rexford estimates in-place rents are roughly 17% below market, on average.

CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the seller and buyer. Additionally, JLL’s Jeff Bellitti and Mac Hewett, the property’s leasing brokers, assisted in the sale.

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