January 6, 2016
Rexford Industrial Realty recently acquired an industrial property at 17311 Nichols Lane in Huntington Beach for just over $17 million, bringing its total acquisition volume last year to just under $250 million.
Rexford Industrial’s Howard Schwimmer and Michael Frankel, who both serve as chief executives of the REIT, said the acquisition was part of the company’s overall strategy to make industrial real estate purchases in Southern California infill locations. The Class-A building is reportedly 100-percent leased to a single-credit tenant, who is using the space as its production and engineering site for airline equipment and interiors.
According to CBRE, the vacancy rate in the West Orange County submarket was two-percent at the close of last year’s third quarter.