The Los Angeles-based REIT said it paid $336.2 million for the latest group of industrial properties in L.A.’s South Bay, the San Gabriel Valley and the Inland Empire, parts of “the largest and highest demand industrial market in the United States.” According to CBRE, the vacancy rates in those three submarkets are 1.2 percent, 0.4 percent and 1.2 percent, respectively.
“With an extensive pipeline of prospective NOI growth driven by significant mark-to-market of in-place leases, value-add repositioning and redevelopment projects, plus $400 million of additional accretive investments under contract or accepted offer, [Rexford] is well positioned with a low-leverage balance sheet to continue generating superior value creation for our shareholders,” said co-CEOs Howard Schwimmer and Michael Frankel in a statement.
Rexford’s deals in the final quarter of 2022 included a five-property portfolio in the L.A.’s South Bay and in the Inland Empire, which closed at $198.1 million, or $382 per square foot. The portfolio includes 518,931 square feet on 24.6 acres, and it is 100 percent leased to six tenants. The properties are at 2130-2140 East Del Amo Boulevard and 20455 South Reeves Avenue in Carson; 19145 Gramercy Place in Torrance; and 14874 Jurupa Avenue and 10600 Mulberry Avenue in Fontana.
Also in South Bay, Rexford acquired a 4.8-acre site at 14400 South Figueroa Street for $49 million, or $234 per square foot. It’s adjacent to a 1-acre site that Rexford bought in July 2022, and the company plans to reposition the combined site with a 57,000-square-foot cross dock building and oversized container storage yard.
In the San Gabriel Valley submarket, Rexford put down another $40 million for a 7.9-acre site with 77,266 square feet of space at 4500 Azusa Canyon in Irwindale that’s leased to a single tenant through a sale leaseback.
The smaller deals in Rexford’s fourth quarter included a $27.5 million trade for one combined site at 3131 East Harcourt Street and 18031 South Susana Road in Rancho Dominguez; as well as acquiring 755 Trademark Circle in Corona, and 7817 Haskell Avenue in Van Nuys.
Rexford’s full portfolio includes 356 properties with approximately 42.4 million rentable square feet.
Rexford Industrial Realty announced that it acquired 10 more warehouses in Southern California, bringing its acquisition total for 2022 to $2.4 billion. The Los Angeles-based REIT said it paid $336.2 million for the latest group of industrial properties in L.A.’s South Bay, the San Gabriel Valley and the Inland Empire, parts of “the largest andRead MoreChannel, Industrial, Sales, CBRE, Howard Schwimmer, Michael Frankel, Rexford Industrial Realty Commercial Observer Read More
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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