Rexford Snags $36M SoCal Industrial Assets
- Jun 22, 2017
Rexford Industrial Realty Inc. has acquired two industrial properties with cash on hand for a total of $35.9 million, bringing its acquisition volume this year to more than $210 million. Both properties are fully leased and are part of submarkets with vacancy rates of 0.6 percent at the end of the first quarter 2017, according to CBRE. The markets include the 220 million-square-foot South Bay submarket and the 41 million-square-foot Orange County West submarket.
The company purchased the Class A industrial property at 4175 E. Conant St., in the Long Beach/Los Angeles South Bay submarket from Sares Regis for $30.6 million, or approximately $215 per square foot. The building is fully leased to a single tenant, Universal Technical Institute, on a triple-net basis and has 13 years remaining on its lease. Sares Regis built the 136,965-square-foot property in 2015 on the 193.6 acres that it acquired in 2012 from Boeing Realty Corp., which master planned Douglas Park. The asset features 32-foot clear heights and is LEED certified. There are new retail, office and hotel developments adjacent to the facility, which is less than a mile from Long Beach airport. CBRE represented both the seller and the buyer.
The company also acquired 5421 Argosy Ave., a single-tenant industrial building in the Orange County West submarket, for $5.3 million or approximately $150 per square foot. The property is fully leased and features a large secured yard.
Image via Google Street View