{"id":163,"date":"2020-07-03T07:17:46","date_gmt":"2020-07-03T07:17:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=163"},"modified":"2022-01-12T13:46:49","modified_gmt":"2022-01-12T13:46:49","slug":"rexford-buys-73m-socal-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/rexford-buys-73m-socal-industrial-portfolio\/","title":{"rendered":"Rexford Closes on $73M SoCal Infill Portfolio"},"content":{"rendered":"<p>Rexford Industrial Realty Inc., a real estate investment trust (REIT) focused on investing in and operating property in Southern California infill markets, recently completed the purchase of a five-property portfolio for $73.2 million. The acquisition incorporates 434,000 square feet of both value-add and institutional-quality assets.<\/p>\n<p>Three of the five properties purchased are located in the Los Angeles-San Fernando Valley submarket of the greater Sun Valley commercial real estate region. According to company statements, this was an off-market transaction of $35.1 million, which came down to roughly $169 per square foot. Incorporating more than 207,000 square feet, the three buildings occupy 8.4 acres and were fully leased at the time of sale. Rexford plans to make value-add enhancements to the buildings, as well as renew or re-lease leases that are currently in place \u2014 which are estimated to be an average of 35% below market \u2014 at higher market rates.<\/p>\n<p>The property at 15650-15700 S. Avalon Blvd. in Compton was also part of the company\u2019s recent SoCal acquisition. Rexford reportedly paid more than $28 million for the two-building property, which also comes down to approximately $169 per square foot. Following the expiration of a short-term leaseback, the new owner will set out to reposition the nearly 170,000 square feet of <a href=\"https:\/\/www.commercialsearch.com\/commercial-lease\/los-angeles_california\/\" target=\"_blank\" rel=\"noopener noreferrer\">Los Angeles commercial real estate<\/a> as a Class A, single-tenant property. Upgrade plans call for a low coverage industrial site with substantial dock-high loading, as well as an oversized container storage yard intended to accommodate a wide range of last-mile distribution users.<\/p>\n<figure id=\"attachment_165\" aria-describedby=\"caption-attachment-165\" style=\"width: 720px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/07\/YM_CE_15700-South-Avalon-Blvd-Compton-CA.jpg\" data-rel=\"lightbox-image-0\" data-magnific_type=\"image\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-165 lazyload\" src=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/07\/YM_CE_15700-South-Avalon-Blvd-Compton-CA.jpg\" alt=\"15700 South Avalon Blvd Compton commercial real estate for lease\" width=\"720\" height=\"439\" data-srcset=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/07\/YM_CE_15700-South-Avalon-Blvd-Compton-CA.jpg 1000w, https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/07\/YM_CE_15700-South-Avalon-Blvd-Compton-CA.jpg?resize=300,183 300w, https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/07\/YM_CE_15700-South-Avalon-Blvd-Compton-CA.jpg?resize=768,468 768w\" sizes=\"auto\" \/><\/a><figcaption id=\"caption-attachment-165\" class=\"wp-caption-text\"><em>15700 South Avalon Blvd, Compton CA<\/em><\/figcaption><\/figure>\n<p>The fifth property Rexford purchased in its latest deal commanded $166 per square foot. The REIT paid $10 million for 15850 Slover Ave. in Fontana. Newly constructed this year, the industrial property occupies a 2.8-acre lot and was vacant at the time of sale, offering 60,127 square feet of prime warehouse space for lease in the Inland Empire-West submarket. According to the new owner, the building features best-in-class modern functionality, which includes 30-foot clear heights; early-suppression, fast-response (ESFR) sprinklers; a secured truck court; and highly convenient freeway access.<\/p>\n<p>Rexford Co-Chief Executives, Howard Schwimmer and Michael Frankel, said, \u201cOur recent transaction activity reflects the strength of Rexford\u2019s proprietary originations platform, providing a deep well of growth opportunities in Southern California\u2019s supply-constrained infill industrial markets. With over $342 million of investments completed year-to-date, we remain well-positioned with a low-leverage balance sheet and substantial liquidity to capitalize on emerging internal and external growth opportunities with the capacity to create shareholder value over time.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;With over $342 million of investments completed year-to-date, Rexford remains well-positioned with a low-leverage balance sheet and substantial liquidity to capitalize on emerging internal and external growth opportunities.&#8221;<\/p>\n","protected":false},"author":48,"featured_media":167,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-real-estate-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rexford Pays $73M for SoCal Infill Portfolio | CommercialSearch<\/title>\n<meta name=\"description\" content=\"Rexford buys 434KSF South California industrial portfolio that includes five properties located in San Fernando Valley, Compton, and Fontana.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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