November 11, 2019
Los Angeles-based Rexford Industrial Realty, Inc. acquired an industrial property in Brea, CA for $27.6 million. The acquisition was funded using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.
The asset is located at 404-430 Berry Way within the Orange County North submarket. The low-coverage site comprises three industrial buildings with excess paved land. The fully-leased site contains 120,250 square feet on 11.79 acres of land, and is well located in a highly supply constrained submarket.
Rexford’s Michael Frankel notes, the industrial property presents “the future potential to drive cash flow growth through a range of re-leasing or repositioning strategies.”
*Pictured Rexford’s Michael Frankel
Connect Inland Empire coming up Tuesday, November 12th. You can get more information and register to join us on this link.
Connect Industrial is coming up on November 19th in Houston. You can get more details and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser