Rexford Industrial Realty, Inc. has acquired two Class A industrial properties, a four-building industrial complex and a three-tenant industrial property, in Southern California for $339.2 million.
The company acquired Gateway Pointe Industrial Campus located at 3963, 3931, 3735, and 3629 Workman Mill Road in Whittier, within the LA – Mid-Counties submarket, for $296.6 million, or $300 per square foot. The 45.12 acre project comprises four Class A industrial buildings containing 989,195 square feet, leased at rents estimated to be approximately 21% below current market rates. The 100% occupied property features 32′ clear heights at first bay, extensive dock-high loading, excess container parking and favorable access to major transportation corridors.
In addition, the company acquired through an off-market transaction 13943-13955 Balboa Boulevard, located in Sylmar within the LA – San Fernando Valley submarket, for $42.6 million, or $212 per square foot. The 100% occupied, three-tenant Class A industrial building contains 200,632 square feet on 10.5 acres of land. In-place rents are estimated to be approximately 19% below market with near-term expirations.
“Gateway Pointe Industrial Campus provides nearly one million square feet of institutional quality, Class A industrial space ideally positioned to serve last-mile, ecommerce-oriented tenant demand. The Balboa Boulevard acquisition leverages our ability to offer Operating Partnership Units in exchange for a Class A industrial property through a tax-efficient UPREIT structure in an off-market transaction,” said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the company.