Rexford Snags LA-Area Industrial Property
- Aug 02, 2017
Rexford Industrial Realty acquired an industrial property in the San Gabriel Valley submarket of Los Angeles. The company used its line of credit for the $14.6 million purchase.
The 87,421-square-foot, Los Angeles-area industrial building is located at 4832 Azusa Canyon Road. The newly constructed, four-unit asset sits on 3.5 acres and feature 28-foot clearance, ESFR fire sprinklers, eight dock doors and LED motion sensor lighting.
Poised for rent premiums
“(The building) is well positioned to serve regional distribution and e-commerce uses. Currently leased to two tenants, the property benefits from the potential for further divisibility as the asset was built as four separate units which, individually, may command rent premiums upon releasing,” said Howard Schwimmer and Michael Frankel, co-chief executive officers of Rexford, in prepared remarks.
Image via Google Street View