Rexford Industrial Buys 115 KSF Facility

The company shelled out $17.2 million or $149 per square foot for a single-tenant industrial property located in Cerritos, Calif.
16010 Shoemaker Ave., Cerritos, Calif.
16010 Shoemaker Ave., Cerritos, Calif.

Rexford Industrial Realty has purchased a 115,600-square-foot industrial facility in Cerritos, Calif., for $17.2 million, which equates to $149 per square foot. The acquisition was funded through a combination of cash on hand and draws on the company’s line of credit.

The asset is fully leased to a packaging supply firm, Silver Spur Corp. Located at 16010 Shoemaker Ave., the building is surrounded by major thoroughfares, including Interstate 5 and Artesia Freeway. Downtown Los Angeles is situated within roughly 25 minutes of the property.

Built in 1985, the facility sits on 4.4 acres and is equipped with a dock leveler, dock bumpers, truck court and loading doors. The buyer plans to improve the building and its functional characteristics.

“This property provides immediate cash flow and is ideally located in the desirable and low-vacancy Mid Counties submarket,” said Howard Schwimmer and Michael Frankel, co-CEOs of Rexford Industrial, in prepared remarks.

Image courtesy of Yardi Matrix