Rexford Acquires Miramar Industrial Facility
Los Angeles-based Rexford Industrial Realty, Inc. acquired 9190 Activity Rd., a single-tenant industrial facility in Miramar, CA for approximately $15.55 million from Glendale, CA-based American Realty Advisors. The acquisition was funded with cash on hand.
The distribution facility contains 83,500 square feet on 6.24 acres in Central San Diego and is currently 100% leased to CED Greentech, a strong credit tenant, with more than six years remaining on its lease term. The property features an abundance of cross-dock loading, low site coverage, new contemporary offices and 22- to 24-foot clearance.
The REIT says it acquired this well-located, best-in-class property at an “attractive initial yield, with longer-term rent upside by capitalizing on excess land and cross-dock loading, ideal for future ecommerce use.”
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