{"id":1004184687,"date":"2017-07-20T23:35:41","date_gmt":"2017-07-21T07:35:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004184687"},"modified":"2022-12-09T01:55:31","modified_gmt":"2022-12-09T09:55:31","slug":"socal-industrial-park-commands-211m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/socal-industrial-park-commands-211m\/","title":{"rendered":"SoCal Industrial Park Commands $211M"},"content":{"rendered":"

By Keith Loria<\/p>\n

Rexford Industrial Realty Inc. has acquired Rancho Pacifica Industrial Park, a six-building industrial campus in\u00a0Rancho Dominguez, Calif., for about $210.5 million.<\/p>\n

The complex is situated on 56 acres and consists of approximately 1.2 million square feet, being\u00a0home to 23 tenants. It\u2019s located adjacent to the Alameda Intermodal Corridor and is just six miles from the Ports of\u00a0Long Beach\u00a0and\u00a0Los Angeles, offering access to five major freeways.<\/p>\n

The buildings in the industrial park feature market-leading dock-high loading and 24- to 30-foot warehouse clearance within a unique gated, fully secured complex.<\/p>\n

\u201cThis acquisition presented a rare opportunity to acquire a critical mass of six Class A industrial buildings within the highly desirable South Bay submarket, adjacent to the nation’s two largest ports and at the infill nexus of the nation’s largest regional population,\u201d\u00a0<\/em>Howard Schwimmer\u00a0and\u00a0Michael Frankel, Rexford Industrial Realty\u2019s co-CEOs, said in a prepared release. \u201cThe complex is 99 percent leased at in-place lease rates estimated to be approximately 25 percent below market, on average, presenting opportunities to increase cash flow as 76 percent of current tenant leases roll through the end of 2020.\u201d<\/em><\/p>\n

Strong fundamentals<\/h2>\n

According to the most recent CBRE industrial market report, the vacancy rate in the South Bay industrial submarket stood at 0.6 percent in the first quarter of 2017.<\/p>\n

The acquisition was funded through the company\u2019s line of credit as well as the issuance of a\u00a0$125 million\u00a0note.<\/p>\n

So far in 2017, Rexford Industrial Realty has completed nearly $500 million\u00a0of acquisitions within infill\u00a0Southern California industrial<\/a> markets, and its CEOs said it remains focused on the execution of its internal and external growth strategies to increase cash flow and to drive long-term value creation for its shareholders.<\/p>\n

Images courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The six-building campus in Rancho Dominguez is 99 percent leased to 23 tenants. Situated adjacent to the Alameda Intermodal Corridor, the property offers access to five major freeways.<\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1594,21742,15],"tags":[35841,35842,36880,35630],"class_list":["post-1004184687","post","type-post","status-publish","format-standard","hentry","category-deals","category-featured","category-industrial","category-investment","category-los-angeles","category-latest","category-west","tag-howard-schwimmer","tag-michael-frankel","tag-rancho-pacifica-industrial-park","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"\nSoCal Industrial Park Commands $211M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/socal-industrial-park-commands-211m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SoCal Industrial Park Commands $211M\" \/>\n<meta property=\"og:description\" content=\"The six-building campus in Rancho Dominguez is 99 percent leased to 23 tenants. 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