{"id":1004229696,"date":"2018-05-15T02:23:10","date_gmt":"2018-05-15T10:23:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004229696"},"modified":"2022-12-08T19:24:19","modified_gmt":"2022-12-09T03:24:19","slug":"rexford-industrial-buys-sells-136m-in-socal-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-sells-136m-in-socal-assets\/","title":{"rendered":"Rexford Industrial Buys, Sells $136M in SoCal Assets"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004229698\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Michael-Frankel-Rexford-Industrial-Realty.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004229698\" data-attachment-id=\"1004229698\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-sells-136m-in-socal-assets\/michael-frankel-rexford-industrial-realty\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Michael-Frankel-Rexford-Industrial-Realty.jpg\" data-orig-size=\"660,495\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Michael Frankel, Co-CEO &#038; director, Rexford Industrial Realty\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Michael Frankel, Co-CEO &#038; director, Rexford Industrial Realty&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Michael-Frankel-Rexford-Industrial-Realty.jpg?w=660\" class=\"wp-image-1004229698 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Michael-Frankel-Rexford-Industrial-Realty.jpg\" alt=\"Michael Frankel, Co-CEO, Rexford Industrial Realty\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Michael-Frankel-Rexford-Industrial-Realty.jpg 660w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Michael-Frankel-Rexford-Industrial-Realty.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004229698\" class=\"wp-caption-text\">Michael Frankel, Co-CEO, Rexford Industrial Realty<\/p><\/div>\n<p>Rexford Industrial Realty continues to mold its Southern California portfolio through transaction after transaction, most recently acquiring two properties in separate deals totaling $127.1 million and selling two neighboring buildings for $9.1 million. With the closing of the three transactions, the REIT has added 729,600 square feet to its holdings and rid itself of 78,000 square feet of non-core assets.<\/p>\n<p>More than a few investors are keen on Southern California\u2019s industrial market, yet Rexford finds no dearth of opportunities to enhance its portfolio. <em>\u201cWe apply a tremendous amount of work and effort through our own, proprietary internal research to identify transaction catalysts and opportunities enabling us to acquire a volume of off-market and lightly marketed industrial property investments at favorable cash yields,\u201d<\/em> Michael Frankel, co-CEO of Rexford Industrial Realty, told <em>Commercial Property Executive<\/em>.<\/p>\n<h2>Fully leased&nbsp;assets<\/h2>\n<p>Rexford\u2019s new additions include the 695,100-square-foot industrial building at 5300 Sheila St. in Commerce, roughly five miles from downtown Los Angeles. Picked up for $121.1 million, the single-tenant property, sited on 36 acres of land, is 100 percent occupied under a long-term lease agreement. In Orange County, the REIT grabbed 1190 E. Stanford Court, a 34,500-square-foot facility on a 1.5-acre parcel in Anaheim. Rexford paid just over $6 million for the industrial facility, which is also 100 percent occupied by a roster of businesses, and the company plans to upgrade the property in anticipation of leasing at higher market rates as in-place leases expire.<\/p>\n<p>On the sale side, Rexford traded 1910 and 1920 S. Archibald Ave. in Ontario, two buildings that were part of a three-building portfolio <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-picks-up-sheds-ca-assets\/\">the REIT recently acquired<\/a>. The Inland Empire flex facilities are just 69 percent leased, but at a sale price of $116 per square foot, they still fetched a figure exceeding the value at which they were underwritten for the portfolio purchase.<\/p>\n<h2>Shopping in sunny SoCal<\/h2>\n<p>So far in 2018, Rexford has revealed at least one acquisition every month, with each notice accompanied by news of the sale of an asset that doesn\u2019t fit the company\u2019s portfolio profile. The REIT kicked off the year with the announcement of its <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-increases-socal-footprint\/\">$62.7 million purchase<\/a> of a fully leased, four-property portfolio totaling 416,800 square feet in the Inland Empire, Orange County and metropolitan Los Angeles markets.<\/p>\n<p><em>\u201cA full 75 percent of year-to-date investments have been made through off-market transactions, which differentiates Rexford within infill Southern California, the most sought-after and the most competitive industrial property market in the nation,\u201d <\/em>Frankel said. The company\u2019s 2018 acquisitions total more than $235 million\u2014and counting.<\/p>\n<p><em>Image courtesy of Rexford Industrial Realty<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The standout of the three separate transactions is the addition of the fully leased, 695,100-square-foot industrial facility at 5300 Sheila St. in Commerce, near downtown Los Angeles.<\/p>\n","protected":false},"author":969,"featured_media":1004229698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,34027,21783,1594,21742,15],"tags":[35842,35630],"class_list":["post-1004229696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-inland-empire","category-investment","category-los-angeles","category-latest","category-west","tag-michael-frankel","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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