Rexford Executes $72M in Acquisition, Disposition Activity
Los Angeles-based Rexford Industrial Realty, Inc. completed five industrial property transactions totaling $71.8 million. The activity includes the acquisition of two properties for $27.6 million and the disposition of three assets for $44.2 million.
The acquisitions included a 56%-leased 6.48-acre development site at 12772-12746 San Fernando Rd. in Sylmar. The property with two legacy industrial buildings totaling 140,840 square feet was purchased for $22.1 million. The second purchase was a $5.5-million off-market transaction for a 100%-leased, single tenant container storage facility at 12133 Greenstone Ave. in Santa Fe Springs.
Rexford’s Michael Frankel says, “These investments represent strong examples of Rexford’s value-add repositioning and redevelopment expertise. Following their near-term in-place lease expirations, these sites will be repositioned into highly-functional, higher-value industrial assets designed to appeal to a deep universe of tenants within submarkets demonstrating an extreme lack of supply of similar quality space.”
The dispositions included:
– a two-tenant building at 2700-2722 S. Fairview in Santa Ana for $20.4 million (pictured);
– a multi-tenant building at 121 W. 33rd St. in National City for $13.5 million;
– a vacant, single tenant building at 3927 Oceanic Dr. in Oceanside for $10.3 million.
For comments, questions or concerns, please contact Dennis Kaiser
*Photo courtesy of Rexford
- ◦Sale/Acquisition