{"id":1004398328,"date":"2020-03-09T05:42:57","date_gmt":"2020-03-09T13:42:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004398328"},"modified":"2020-03-09T07:08:02","modified_gmt":"2020-03-09T15:08:02","slug":"rexford-industrials-203m-buying-spree-in-southern-california","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrials-203m-buying-spree-in-southern-california\/","title":{"rendered":"Rexford Industrial\u2019s $203M Buying Spree in Southern California"},"content":{"rendered":"<div id=\"attachment_1004375345\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/industrial-news-09.-Image-via-Pixabay.com_.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004375345\" data-attachment-id=\"1004375345\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sreit-buys-320m-industrial-portfolio\/industrial-news-09-image-via-pixabay-com-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/industrial-news-09.-Image-via-Pixabay.com_.jpg\" data-orig-size=\"800,620\" 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;1&quot;}\" data-image-title=\"industrial news 09. Image via Pixabay.com\" data-image-description=\"\" data-image-caption=\"&lt;p&gt; Image via Pixabay.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/industrial-news-09.-Image-via-Pixabay.com_.jpg?w=800\" class=\"wp-image-1004375345 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/industrial-news-09.-Image-via-Pixabay.com_.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/industrial-news-09.-Image-via-Pixabay.com_.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/industrial-news-09.-Image-via-Pixabay.com_.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/industrial-news-09.-Image-via-Pixabay.com_.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004375345\" class=\"wp-caption-text\"><em>Image via Pixabay.com<\/em><\/p><\/div>\n<p>Rexford Industrial Realty Inc. has acquired a 10-building portfolio of <a href=\"https:\/\/www.commercialsearch.com\/news\/dedeaux-trades-1-msf-inland-empire-warehouse\/\">Southern California industrial properties<\/a> for $203.2 million, or $234 per square foot, including assumed debt.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-industrial-fund-raises-660m\/\">Nuveen Industrial Fund Raises $660M<\/a><\/p>\n<hr>\n<p>The properties, in Los Angeles and Orange counties, total 867,242 square feet on 43.06 acres of land and are 87.7 percent leased overall to 56 tenants. Three are single-tenant and seven are multi-tenant properties. The portfolio\u2019s tenant pool is well diversified, with no single tenant occupying more than 12.9 percent of the total rentable area.<\/p>\n<p>The properties are in four of Rexford\u2019s core infill markets, including LA\u2013South Bay, LA\u2013Mid Counties, Inland Empire\u2013West and Orange County, as follows:<\/p>\n<ul>\n<li>Kingshill Place, 169,069 square feet, LA\u2013South Bay, 73.3 percent leased<\/li>\n<li>Manhattan Beach Blvd., 126,726 square feet, LA\u2013South Bay, 95.5 percent leased<\/li>\n<li>Santa Fe Ave., 112,000 square feet, LA\u2013South Bay, 100 percent leased<\/li>\n<li>126th St., 63,532 square feet, LA\u2013South Bay, 40.2 percent leased<\/li>\n<li>La Cienega Blvd., 63,462 square feet, LA\u2013South Bay, 93.4 percent leased<\/li>\n<li>Knox St., 39,400 square feet, LA\u2013South Bay, 100 percent leased<\/li>\n<li>Woodwind Drive, 62,377 square feet, Orange\u2013West, 100 percent leased<\/li>\n<li>Atlantic Ocean Drive, 27,960 square feet, Orange\u2013South, 100 percent leased<\/li>\n<li>Los Nietos Road, 107,740 square feet, LA\u2013Mid-Counties, 100 percent leased<\/li>\n<li>Richton St., 94,976 square feet, San Bernardino\u2013Inland Empire West, 86.0 percent leased.<\/li>\n<\/ul>\n<p>Rexford estimates that the average in-place rents are \u201c<em>materially below-market<\/em>,\u201d such that the portfolio \u201c<em>provides an above-market cash yield<\/em>\u201d and the potential for favorable cash flow growth. The seller was not identified, and Rexford did not reply to <em>Commercial Property Executive<\/em>\u2019s request for that and other information.<\/p>\n<p>Rexford funded the acquisition through a combination of cash and an UPREIT transaction. In the latter, the seller contributed a portion of the portfolio value to Rexford\u2019s operating partnership in exchange for a blend of operating partnership units and newly issued convertible preferred operating partnership units.<\/p>\n<h2>Steady in LA<\/h2>\n<p>The Greater Los Angeles industrial market had a surge of distribution and logistics activity late last year, according to a fourth-quarter report from CBRE. Asking rents continued a steady rise, and sales prices increased substantially faster, by 23.1 percent year-over-year.<\/p>\n<p>In December, Rexford <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-grows-industrial-holdings-with-100m-buy\/\">purchased two Greater LA industrial properties<\/a> for about $100 million; the properties totaled more than 800,000 square feet. And only weeks ago, <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-los-angeles-industrial-lease\/\">CBRE brokered the lease<\/a> of an entire 50,930-square-foot Class A industrial building, at Valencia Commerce Center, in Santa Clarita\u2019s Valencia area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company purchased a 10-building collection of properties in several cities. <\/p>\n","protected":false},"author":882,"featured_media":1004375345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,34027,21783,1594,21742,34267,15],"tags":[32789,35630],"class_list":["post-1004398328","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-orange-county","category-west","tag-cbre","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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