Rexford Acquires Pomona Industrial for $88M

Rexford Industrial Realty, Inc. (NYSE: REXR), Southern California’s infill industrial property owner-operator, has acquired an industrial property for $87.8 million ($117 per square foot).

According to Rexford’s co-CEOs Howard Schwimmer and Michael Frankel, “Pomona Distribution Center provides attractive cash flow while also presenting future value-add potential to increase cash flow and value by increasing below-market, in-place rents to higher market rates as leases roll.”

Pomona Distribution Center is located at 1601 W. Mission Boulevard in Pomona, CA. within the LA/San Gabriel Valley submarket. The property comprises a two-tenant industrial building encompassing 751,528 square feet on 32.2 acres of land, fully leased to two tenants at rents estimated to be well below market rates.

The company intends to drive cash flow by increasing rents to higher market rates and by completing value-add upgrades. According to CBRE, the vacancy rate in the 154-million-square-foot LA/SGV submarket was 1.4% at the end of the third quarter 2019.

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