Rexford Industrial Buys $18M SoCal Industrial Facilities
The company purchased two assets totaling 93,898 square feet, located in Simi Valley and Tustin, Calif. The properties traded in off-market transactions.
By Evelyn Jozsa
15777 Gateway Circle, Tustin, Calif.
After closing a total of $136 million in acquisition and disposition deals earlier this month, Rexford Industrial Realty Inc. has acquired two more industrial facilities in Southern California, for a total of $18.3 million. The acquisition was financed through a combination of cash on hand and the company’s existing line of credit.
The first asset purchased is in Simi Valley, Calif. at 1988 Surveyor Ave., alongside Freeway 118, 39 miles from downtown Los Angeles. The facility is currently under construction and changed hands for $10.2 million or $182 per square foot. The new industrial property will comprise a total of 56,306 square feet and is slated for completion by the first quarter of 2019. Characteristics of the building will include 30-foot minimum clear heights, five dock-high loading positions, ESFR fire sprinklers and a 6,000-square-foot office space.
The company has also added to its portfolio a 37,592-square-foot asset in Tustin, Calif. The facility traded in a sale-leaseback transaction for $8.5 million. Located at 15777 Gateway Circle, the asset occupies 1.5 acres near Freeway 55 and Interstate 5, roughly 10 minutes from downtown Irvine. Additionally, the industrial space features 24-foot clearance and an office.
“These acquisitions continue to demonstrate our ability to source high-quality industrial property investments through off-market transactions at favorable in-place and projected yields within the supply-constrained infill Southern California industrial market,” said Co-Chief Executive Officers Howard Schwimmer and Michael Frankel of Rexford Industrial Realty Inc., in prepared remarks.
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