{"id":1004500633,"date":"2020-12-18T06:52:39","date_gmt":"2020-12-18T14:52:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004500633"},"modified":"2020-12-18T06:52:39","modified_gmt":"2020-12-18T14:52:39","slug":"rexford-industrial-buys-los-angeles-assets-for-111m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/","title":{"rendered":"Rexford Industrial Buys Los Angeles Assets for $111M"},"content":{"rendered":"
\"12211<\/a>

12211 Greenstone Ave., Santa Fe Springs, Calif. Image via Google Street View<\/em><\/p><\/div>\n

Rexford Industrial Realty Inc. continues its year-end purchasing spree<\/a> with the acquisition of $110.6 million in assets in metropolitan Los Angeles. In separate off-market transactions, the REIT bolstered its ever-growing foothold in Southern California with the addition of a six-building logistics portfolio and an industrial outdoor storage yard, both of which are located in infill markets.<\/p>\n

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READ ALSO<\/strong>: How Automation Will Fill Supply Chain Gaps: Report<\/a><\/p>\n

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In Vernon, Rexford purchased a nearly 464,500-square-foot portfolio for $93.8 million. The fully leased group of six single- and multi-tenant buildings occupies roughly 21 acres near downtown Los Angeles. In another deal, the company acquired the outdoor storage yard at 12211 Greenstone Ave. in Santa Fe Springs for $16.8 million. The 5-acre property is leased to a high-quality, national tenant. Both assets serve last-mile distribution and logistics demands and, with in-place rents currently at an average of 25 percent below market rates, provide substantial upside potential.<\/p>\n

The dealmaker<\/strong><\/h2>\n

With the completion of the Vernon portfolio and Greenstone Ave. transactions, Rexford has closed more than $1.1 billion of acquisitions year-to-date. The majority of its purchases, roughly 77 percent, have been the result of off-market deals. “When we started this company a couple of decades ago, we started with the fundamental premise that it wouldn’t be a very exciting business if we’re relying on third parties, namely brokers, to bring us our growth opportunities because they’re highly competitive,” Michael Frankel, co-CEO of Rexford Industrial Realty Inc., said during the company’s third quarter earnings conference call on October 21. “And so we’ve created a machine at Rexford that’s capable, by and large, generating our own investment opportunities. And that translates directly into better economics, better cash flow growth and better return on equity.”<\/p>\n

Rexford has been highly acquisitive in the second half of the year, with its finessing of off-market transactions presenting ample opportunities despite the extremely competitive climate in industrial investment sales. Transactions in December alone include the $129.4 million purchase of four single-tenant industrial buildings in the high-demand Inland Empire, and the $154.6 million acquisition of a portfolio<\/a> in the San Fernando Valley.<\/p>\n","protected":false},"excerpt":{"rendered":"

In separate off-market transactions, the REIT added 464,500 square feet of logistics space and a 5-acre outdoor storage yard to its ever-expanding Southern California footprint. <\/p>\n","protected":false},"author":969,"featured_media":1004500642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1594,21742,15],"tags":[32914,35842,35630],"class_list":["post-1004500633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-los-angeles","category-latest","category-west","tag-e-commerce","tag-michael-frankel","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"\nRexford Industrial Buys Los Angeles Assets for $111M - 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-buys-los-angeles-assets-for-111m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexford Industrial Buys Los Angeles Assets for $111M\" \/>\n<meta property=\"og:description\" content=\"In separate off-market transactions, the REIT added 464,500 square feet of logistics space and a 5-acre outdoor storage yard to its ever-expanding Southern California footprint.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/\" \/>\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=\"2020-12-18T14:52:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/12211-Greenstone-Ave.-in-Santa-Fe-Springs-Calif.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"582\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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-buys-los-angeles-assets-for-111m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/\",\"name\":\"Rexford Industrial Buys Los Angeles Assets for $111M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/12211-Greenstone-Ave.-in-Santa-Fe-Springs-Calif.jpg\",\"datePublished\":\"2020-12-18T14:52:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/12211-Greenstone-Ave.-in-Santa-Fe-Springs-Calif.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/12\/12211-Greenstone-Ave.-in-Santa-Fe-Springs-Calif.jpg\",\"width\":820,\"height\":582,\"caption\":\"12211 Greenstone Ave., Santa Fe Springs, Calif. 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