Rexford Industrial Realty has acquired an industrial property, 404-430 Berry Way, located in Brea within the Orange County-North submarket for $27.6 million, or $53.72 per land square foot.
“Berry Way is a fully-leased, low-coverage industrial site comprising three buildings and excess land presenting the future potential to drive cash flow growth through a range of re-leasing or repositioning strategies. With over $800 million of acquisitions completed year-to-date, we are pleased with the quality of our investments, which, together with our go-forward internal and external growth opportunities, position the company well into future periods for continued value creation,” said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the company.
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.
According to CBRE, the vacancy rate in the 115 million square foot Orange County – North submarket was 2.3% at the end of the third quarter 2019.