Rexford Industrial Realty Acquires Seven Properties for $661M in Southern California

By: Sharjeel Sohaib

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Jul 28, 2022

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rexford industrial realty

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Rexford Industrial Realty, Inc., a real estate investment trust specializing in generating value by purchasing and managing industrial buildings, announced the purchase of seven industrial properties for a total of $660.9 million on July 19.

Key Takeaway:

  • Rexford Industrial Realty is again on the move in Southern California. The company has just acquired seven industrial propertiesβ€”with a net leased value of $661 million.

We Covered this in our Weekly Wire Roundup

Rexford Industrial Realty: Reinventing Southern California Industrial Property

Rexford Industrial is the fourth largest industrial market in the world, creating value by investing in, operating, and refurbishing industrial real estate throughout Southern California, the consistently highest demand and lowest supply market in the United States. 

Acquisitions of Rexford Industrial Realty

Archibald Avenue and Limonite Avenue

A six-building industrial complex for $470.0 million at 6221 and 6251 Archibald Avenue and 14301, 14319, 14337, and 14326 Limonite Avenue in Eastvale, part of the Inland Empire – West submarket. The 1,057,419 square foot recently built industrial complex, which is located on 49.7 acres, is 71% leased and has buildings ranging in size from 48,315 square feet to 501,649 square feet, with minimum clear heights of 30 to 40 feet. This is anticipated to improve over time by contractual yearly increments of 4.0 percent and higher, leading to an unlevered stable cash return on the total investment of 4.0 percent.

Etiwanda Avenue in Jurupa Valley

In the Inland Empire – West submarket, 4325 Etiwanda Avenue in Jurupa Valley was acquired in an off-market deal for $47.5 million, or $382 per square foot. A 4.5 percent unlevered stable cash return on the entire investment is expected from the transaction.

Heritage Oak Court in Simi Valley

Through an off-market deal, Heritage Oak Court in Simi Valley, part of the LA – Ventura County submarket, was purchased for $56.4 million, or $302 per square foot. The Class A 186,726 square foot two-tenant facility was acquired through a short-term sale leaseback. The initial unlevered cash return of 3.4 percent is anticipated to increase to an unlevered stable cash yield of 5.4 percent on the entire investment.

Torrance

In the LA – South Bay submarket, 3547-3555 Voyager Street, Torrance, was purchased in an off-market deal for $20.9 million, or $162 per square foot of the property. The investment yields an initial 3.0 percent cash return and is anticipated to increase to a total investment yield of 4.6 percent stable cash yield.

Rosecrans Avenue in Los Angeles’

400 W Rosecrans Avenue in Los Angeles’ LA-South Bay submarket is available for $8.5 million, or $193 per square foot of the property. On 1.0 acres, the empty 28,006-square-foot building is in the highly sought-after South Bay submarket. A 5.2 percent unlevered stable yield on the entire investment is expected from the investment.

Anaheim Street in Los Angeles

In the LA – South Bay submarket, 620 E Anaheim Street in Los Angeles is available for $17.1 million, or $495 per square foot. The empty 34,555 square-foot low-coverage structure is conveniently positioned next to the Los Angeles and Long Beach ports and has a sizable, safe yard. It is situated on around 2.0 acres. The investment expects a 4.3 percent stable yield on the entire investment.

Bandini Boulevard

The LA – Central submarket’s 6996 and 7044 Bandini Boulevard were purchased through an off-market deal worth $40.5 million, or $170 per square foot of the property. A 4.8 percent stable cash return on the entire investment is expected from the transaction.

CBRE’s Forecast for the Inland Empire

Startempire Wire reported the market outlook published by CBRE.

  • CBRE Group, an American commercial real estate services, and investment firm published earlier this month a report titled β€œ2022 North America Industrial Big Box Review & Outlook”.
  • The report states that general retailers and wholesalers leased more big-box facilities than ever.

Wrap Up!

Rexford Industrial Realty has acquired some attractive real estate in the last few years. This conclusion strongly emphasizes the importance of this acquisition for Rexford Industrial Realty. The real estate market is massive in Southern California, and it holds significant importance for Rexford Industrial Realty. 

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