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Rexford Acquires Two SoCal Industrial Assets
Los Angeles-based Rexford Industrial Realty, Inc. acquired two industrial assets in SoCal for $14.7 million, bringing the REIT’s 2020 acquisition activity to $269.7 million. The acquisitions were funded using cash on hand, as well as the assumption of existing debt on one of the properties.
The company acquired 22895 Eastpark Dr. in Yorba Linda for $6.8 million. The low coverage single-tenant property contains 34,950 square feet on 2.35 acres of land and is fully leased on a long-term basis. Rexford also acquired 8745 and 8775 Production Ave. in San Diego’s Central submarket for $7.9 million. The two industrial buildings contain 46,820 square feet on 2.85 acres of land. The property is 65% leased at rents estimated to be 15% below market rates.
Rexford’s Michael Frankel says, “Eastpark Drive provides immediate cash flow through a long-term in-place lease. Production Avenue, an underutilized two-building property leased at below-market rents, provides value-add opportunity to drive additional cash flow and value growth.”
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