July 6, 2020 Comments Off on Rexford Picks up Five SoCal Assets for $73M Views: 687 California News, Los Angeles

Rexford Picks up Five SoCal Assets for $73M

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Los Angeles-based Rexford Industrial Realty, Inc. acquired five industrial properties in SoCal for $73.2 million. These recent transactions total 434,000 square feet and represent a blend of value-add and institutional-quality, core investments. The acquisitions were funded using cash on hand.

The assets include:
– a three-property industrial portfolio in Sun Valley acquired for $35.1 million, or $169 per square-foot in an off-market transaction. The 100% occupied portfolio contains 207,374 square feet on 8.38 acres of land.
– 15650-15700 S. Avalon Blvd. in L.A.’s South Bay submarket for $28.1 million, or $169-per-square-foot. Acquired through an off-market transaction, the two–building property contains 166,088 square feet on 7.24 acres of land.
– 15850 Slover Ave. in Fontana for $10 million, or $166-per-square-foot. Acquired through a lightly marketed transaction, the just completed and newly-constructed, vacant single-tenant industrial property contains 60,127 square feet on 2.79 acres of land.

The company says the acquisitions will provide favorable cash flow growth through the rolling of in-place, below-market rents to higher market rents, value-add property repositioning, and lease up of newly constructed, state-of-the-art vacant space.

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