Rexford Acquires Port-Adjacent Industrial Infill for $15M
Southern California’s infill industrial leader, Rexford Industrial Realty, Inc., is on an acquisition hunt at the close of 2019, including this purchase of a strategically located, port-adjacent industrial building at 508 E. E Street in Wilmington, CA for $14.9 million, or $259-per-square-foot.
The property, originally built in 1988, is located immediately adjacent to the Port of Los Angeles and consists of a single, 100% occupied low-coverage industrial building offering 57,000 square feet on 3.45 acres.
According to a prepared statement from Rexford’s Co-Chief Executives, “The E Street investment presents a unique, low-coverage industrial site located adjacent to the Port of Los Angeles.”
Since the property is occupied at below-market rents with excess land providing a large paved yard for container storage, Rexford will to bring rents to market rate upon renewal, or re-lease in a healthy market attractive to the company’s targeted industrial-use tenants.