Rexford Pays $84M for Industrial in Low-Vacancy San Gabriel Valley
Rexford Industrial Realty said it had acquired 5000 & 5010 Azusa Canyon Rd., Irwindale, located in the LA San Gabriel Valley submarket, through an off-market transaction for $84 million or $359 per square foot. The seller was not disclosed. The deal was announced this week along with the REIT’s fourth-quarter and full-year 2023 results, and was completed earlier this year.
The aggregate 10.6-acre site features two 100% leased Class A single-tenant buildings, totaling 233,984 square feet. The investment generates an initial unlevered cash yield of 5.4%, according to Rexford.
Citing CBRE data, Rexford said the vacancy rate in the 161-million-square-foot LA – San Gabriel Valley submarket was 2.0% at the end of Q4 2023.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).