Rexford Nabs $11M Inland Empire Industrial Asset
- Jan 30, 2018
Rexford Industrial Realty has acquired a single-tenant industrial property in Chino, Calif., for $11.4 million. Rexford partially funded its purchase through the sale of a six-building, 88,016-square-foot property in Montclair, Calif.
The proceeds from the $11.4 million sale were recycled through a 1031 tax-deferred exchange and partially funded the company’s acquisition in Chino. The transaction follows on the heels of the firm’s five-building industrial portfolio acquisition in Southern California earlier this year.
The Chino property, located at 13971 Norton Ave., encompasses 103,208 square feet and is situated on a 4.8-acre parcel. Constructed in 1990, the warehouse is fully leased to TuffStuff Fitness International, which uses the building as its headquarters. The structure features 16 truck well doors and seven drive-in doors, along with a secured truck court and covered loading.
Situated within one mile of Chino Valley Freeway, the property offers easy access throughout the region. According to Yardi Matrix, the previous owner of the asset, a private investor, acquired the building in 1998, for $1.6 million.
Located at 5637 E. Arrow Highway and 8900-8980 N. Benson Ave. in Montclair, the property Rexford divested from encompasses six buildings totaling 55 units, and includes both industrial and retail uses. The facility sits just north of Interstate 10 and is home to a number of small tenants.
“The 100 percent leased property we acquired provides an attractive initial cash return, with the longer term potential to raise substantially below-market in-place rents to higher-market rents upon re-leasing or re-tenanting,” said Howard Schwimmer and Michael Frankel, co-CEOs of Rexford, in prepared remarks.
Image courtesy of Yardi Matrix