Rexford Sees no Drought in California, Continues Industrial Shopping Spree
- Aug 17, 2015
Rexford Industrial Realty further expanded its SoCal portfolio this summer with purchases in the cities of Santa Fe Springs and Oxnard. The real estate investment trust spent a total of $14.6 million on the two acquisitions. Both transactions were funded with cash and borrowings under the company’s credit facility.
Lakeland, an 18,995-square-foot industrial building in Santa Fe Springs, was acquired in July for a total of $4.97 million. Located on a 2.87-acre site on Norwalk Boulevard, the property offers its new owner the option to add 80,000 square feet of space. The industrial facility offers a two-story office component with both dock-high and ground level loading. The property was fully occupied at the time of the transaction. The Mid Counties submarket is one of the strongest performing industrial submarkets with a vacancy rate of just 1.4 percent, as per CBRE data.
This month, Rexford added Port Hueneme to its portfolio for around $9.6 million. The two-building industrial complex totals 86,904 square feet of space, 91.3 percent of which is currently occupied. Located in southern Oxnard, in the Ventura submarket, the asset offers proximity to Port Hueneme and associated Naval operations. According to a press statement announcing the acquisitions, the property is only multitenant facility in Oxnard that offers secure storage yards for small users.
Rexford Industrial Realty’s Co-CEOs Howard Schwimmer and Michael Frankel said of the new additions to the company’s portfolio: “Both properties features excess paved secured land, in high-demand locations, which position the facilities for market-leading rents, and may offer opportunities to create additional value over time.” The two acquisitions bring the company’s 2015 investment tally to $152 million.