Rexford Industrial Continues Southern California Expansion
- Sep 11, 2019
Rexford Industrial has acquired two facilities comprising a total of 61,627 square feet in Downey, Calif., for $26.8 million. The properties were purchased separately in two off-market transactions with cash-on-hand funding.
The two acquisitions include a 54,161-square-foot property at 12200 Bellflower Blvd., which sold for $16.3 million, or $64 per land square foot. The building sits on 5.9 acres near major thoroughfares such as interstates 605 and 105 and Freeway 19 and is around 18 miles from the Los Angeles International Airport. Considering the low coverage and flexible zoning, the single-tenant, short-term leased facility provides an opportunity for repositioning and improvements.
The second building encompasses a total of 7,466 square feet at 9607-9623 Imperial Highway, on a 3.7-acre lot. Rexford Industrial purchased the facility in a short-term sale-leaseback deal for $10.5 million or $65 per land square foot. The asset features a trucking and container yard and an office space. Once the leaseback expires, the buyer plans to upgrade the site and lease it to a trucking and trailer yard user.
The company also recently acquired five properties near Los Angeles and San Diego for a total of $110.3 million.