April 4, 2016
Rexford Industrial Realty, Inc. acquired two industrial properties for a total of approximately $24.5 million. The REIT says the off-market transactions with private sellers involve stabilized and value-add assets in highly desirable locations within its core infill submarkets.
The acquisitions include a 134,287-square-foot Class A building located on 13.61-acres at 28454 Livingston Ave. in Valencia, CA that was acquired for $16 million, and a 59,399-square-foot warehouse located on 3.74-acres at 8525 Camino Santa Fe in San Diego that was acquired for $8.5 million.
The Valencia building is 100 percent leased under a long-term, triple-net basis to a single tenant who has invested considerable capital in the building. The Central San Diego building is 100 percent occupied by four tenants at below market rents, including more than a third expiring within six months.