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Rexford Buying Spree Continues, Boosts 2020 Activity to $1.1B
Los Angeles-based Rexford Industrial Realty, Inc. acquired a six-building industrial portfolio in Vernon for $93.8 million and an industrial outdoor storage yard in Santa Fe Springs for $16.8 million. The additions boost the REIT’s 2020 acquisitions activity to $1.1 billion, including $771 million in Q4 2020.
Rexford’s Michael Frankel says, “Acquired from its long-time owners and original developers, the Vernon portfolio acquisition demonstrates the strength of our local relationships and off-market sourcing advantage. This irreplaceable portfolio, located in close proximity to downtown Los Angeles, serves last-mile logistics demand providing an opportunity to proactively drive rent growth over time.”
The Vernon off-market portfolio comprises single- and multi-tenant buildings containing 464,415 square feet on 20.93 acres of land, featuring up to 30-foot clear heights with extensive dock-high loading. The properties are 100% leased at rents estimated to be roughly 28% below current market rates. Gautier Land Company was the seller and was represented by Daum’s Michael Nubel, Jerry Sackler and David Freitag.
Rexford also acquired a highly-sought-after, five-acre storage asset at 12211 Greenstone Ave. in Santa Fe Springs for $16.8 million.
The Vernon portfolio properties include:
– 1921-1931 E 27th St. (35,000 square feet);
– 2011-2025 E 27th St. (40,437 square feet);
– 2031-2099 E 27th St. (98,389 square feet);
– 2034-2040 E 27th St. (126,563 square feet);
– 2750 S Alameda St. (63,318 square feet); and
– 2800-2840 S Alameda St. (100,708 square feet).
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
