By Alex Girda, Associate Editor
Real estate investment trust Rexford Industrial Realty continued a dynamic 2015 with yet another purchase in Southern California. The company acquired the former Main Postal Annex in San Diego for a total of $19.3 million. This latest acquisition brings Rexford’s investment volume to nearly $200 million for 2015, bringing its portfolio to 116 properties and roughly 11.5 million rentable square feet.
The Main Postal Annex facility is located on a 16-acre plot of land at 2535 Midway Drive in Central San Diego. Consisting of two buildings that offer 373,000 square feet of industrial space, the asset will be upgraded and improved, with the new owner’s aim being to reposition the property. Rexford is looking into turning the two buildings’ ground floors into 10 ten individual units ranging in size between 10,000 and 45,000 square feet. Additionally, the larger building’s second floor comprising 144,000 square feet of 22-foot clear height will also be repositioned.
Offering proximity to major transit lines such as the I-8 and the I-5, the industrial campus offers frontage on Midway Drive and Barnett Avenue. Central San Diego’s industrial space inventory totals roughly 80 million square feet of space, with an average vacancy rate of around 5.3 percent, according to CBRE data.
Image via Google Street View