Rexford Industrial Realty, Inc. has acquired three industrial properties for $56.1 million. The acquisitions were funded using cash on hand.
“These acquisitions demonstrate the strength of our proprietary originations platform to catalyze off-market and lightly-marketed investments in the nation’s largest high-demand and high-barrier market within infill Southern California. These industrial properties provide the capacity to increase cash flow and operating margins through value-add property repositioning,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company.
The company acquired;
- 415 S. Motor Ave, located in Azusa within the LA – San Gabriel Valley submarket, comprising 4.2 acres, for $7.2 million, or $39 per land square foot. The Company intends to construct a 96,950 square foot Class A industrial building, offering modern functionality in an underserved infill submarket.
- 508 East E Street, located in Wilmington within the LA – South Bay submarket, for $14.9 million, or $259 per square foot. The property is located immediately adjacent to the Port of Los Angeles and consists of a 100% occupied low-coverage industrial building containing 57,522 square feet on 3.45 acres. The property is occupied by three tenants at below-market rents and features a modern building with excess land providing a large paved yard for container storage.
- 12752-12822 Monarch Street, located in Garden Grove within the Orange County – West submarket, for $34 million, or $130 per square foot of building, equal to $70.00 per square foot of land. The property consists of a four-tenant industrial building containing 276,585 square feet on 11.1 acres and is currently 93% occupied.