{"id":1004497696,"date":"2020-12-07T04:35:22","date_gmt":"2020-12-07T12:35:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004497696"},"modified":"2020-12-07T05:31:13","modified_gmt":"2020-12-07T13:31:13","slug":"rexford-industrial-realty-expands-with-155m-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-expands-with-155m-buy\/","title":{"rendered":"Rexford Industrial Realty Expands With $155M Buy"},"content":{"rendered":"
\"\"<\/a>

Image courtesy of Marcin Jozwiak via Pixabay.com<\/em><\/p><\/div>\n

Rexford Industrial Realty has acquired an 18-building industrial portfolio located adjacent to the Van Nuys Airport in California’s San Fernando Valley. The REIT purchased<\/a> the Van Nuys Airport Industrial Center for $154.6 million with cash on hand in an off-market transaction.  <\/p>\n

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READ ALSO<\/strong>: Blackstone Buys 2.1 MSF Logistics Portfolio for $358M<\/a><\/p>\n

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The portfolio includes 18 separately parceled buildings that total 426,466 square feet on a 22.7-acre site and two fully leased industrial outside storage land parcels that total 4.1 acres. Rexford acquired the 18 buildings for $140.6 million, whereas the storage space was purchased for $14 million. The industrial properties were built with dock-high loading, modern clear heights, secured truck storage yards and floorplates as large as 42,000 square feet. According to Rexford, the portfolio is 99 percent leased to high quality tenants including Fortune 500 companies and the General Services Administration.<\/p>\n

Located next to the Van Nuys Airport, the industrial properties also offer nearby access to Interstate 405, which connects to Interstates 5 and 210, as well as California State Routes 101 and 118. Howard Schwimmer and Michael Frankel, co-CEOs of Rexford, said in prepared remarks that the location offers exceptional last-mile and e-commerce functionality that would serve the San Fernando Valley and West Los Angeles markets.<\/p>\n

According to Rexford, the portfolio\u2019s rents are estimated to be 6 percent below the market\u2019s current rates. Rexford is planning to increase in-place rents to higher market rates and expects to carry out annualized rental rate increases of 3 percent or greater.<\/p>\n

Fast-growing industrial portfolio<\/h2>\n

Alongside this 18-building transaction, Rexford is also expecting to acquire one more property at 7817 Woodley Ave. for $10 million. The 36,900-square-foot property is fully leased to a single tenant and is part of the Van Nuys Industrial Center portfolio, but Rexford plans to close on this acquisition in January 2021.<\/p>\n

Rexford\u2019s acquisition of the Van Nuys portfolio comes on the heels of its November purchase of two industrial properties. The REIT added 1.1 million square feet of Class A distribution space to its portfolio with the $339.2 million acquisition. Rexford\u2019s momentum with industrial acquisitions also includes its five-property acquisition<\/a> for $73.2 million in July.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT has expanded its portfolio in the San Fernando Valley.<\/p>\n","protected":false},"author":883,"featured_media":1004497729,"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":[],"class_list":["post-1004497696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-los-angeles","category-latest","category-west"],"acf":[],"yoast_head":"\nRexford Industrial Realty Expands With $155M Buy - 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\/rexford-industrial-realty-expands-with-155m-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexford Industrial Realty Expands With $155M Buy\" \/>\n<meta property=\"og:description\" content=\"The REIT has expanded its portfolio in the San Fernando Valley.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-expands-with-155m-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-07T12:35:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-07T13:31:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/industrial-building-2-aerial-courtesy-of-Marcin-Jozwiak-via-PIxabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-expands-with-155m-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-expands-with-155m-buy\/\",\"name\":\"Rexford Industrial Realty Expands With $155M Buy - 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