{"id":1004502238,"date":"2021-01-05T05:09:06","date_gmt":"2021-01-05T13:09:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004502238"},"modified":"2021-05-15T10:04:58","modified_gmt":"2021-05-15T18:04:58","slug":"rexford-industrial-realty-pays-103m-for-5-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-pays-103m-for-5-properties\/","title":{"rendered":"Rexford Industrial Realty Pays $103M for 5 Properties"},"content":{"rendered":"<div id=\"attachment_1004502277\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004502277\" data-attachment-id=\"1004502277\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-pays-103m-for-5-properties\/29010-ave-paine\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png\" 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;0&quot;}\" data-image-title=\"29010 Ave. Paine\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;29010 Ave. Paine. Image via Google Street View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png?w=800\" loading=\"lazy\" class=\"wp-image-1004502277 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004502277\" class=\"wp-caption-text\">29010 Ave. Paine. <em>Image via Google Street View<\/em><\/p><\/div>\n<p>Rexford Industrial Realty Inc. has acquired a four-building industrial portfolio and an outdoor storage property, all in Southern California, for a total of $103.1 million. Both acquisitions closed on Dec. 31, 2020.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/office-deals-falter-though-the-suburbs-fare-a-bit-better-nar\/\">Office Deals Falter, Though the Suburbs Fare a Bit Better: NAR<\/a><\/p>\n<hr>\n<p>The portfolio\u2019s seller, which was not identified, contributed its properties in an UPREIT, off-market transaction.<\/p>\n<p>The portfolio consists of four single-tenant industrial properties in the San Fernando Valley, Mid-Counties and Inland Empire West submarkets and was valued at $86.3 million, or $208 per square foot. It totals 414,744 square feet on 25.23 acres. The properties are 100 percent leased at rents that Rexford estimates to be 15 percent below market rates.<\/p>\n<p>The California properties are at:<\/p>\n<ul>\n<li>29010 Ave. Paine, Valencia (100,157 square feet);<\/li>\n<li>29010 Commerce Center Drive, Valencia (117,151 square feet);<\/li>\n<li>13369 Valley Blvd., Fontana (105,041 square feet); and<\/li>\n<li>6635 Caballero Blvd., Buena Park (92,395 square feet).<\/li>\n<\/ul>\n<p>This purchase was completed using 1.8 million newly issued operating partnership units, with a value of $47.93 per share, which the seller can redeem on a one-to-one basis for shares of Rexford\u2019s publicly traded common stock.<\/p>\n<p>Rexford also acquired a 4.83-acre industrial outdoor storage property at 1235 S. Lewis St. in Anaheim, in the Orange County\u2013North submarket, for $16.8 million, or $80 per land square foot. The site is near Anaheim\u2019s Platinum Triangle area and is improved with a 62,480-square-foot building.<\/p>\n<p>Rexford estimates that the rent at which the property is currently leased is 48 percent below market rates. The REIT therefore is considering redeveloping the property with a new 105,100-square-foot Class A distribution facility designed to serve last-mile logistics providers.<\/p>\n<h2>Strong surge late in the year<\/h2>\n<p>Over the course of 2020, Rexford acquired $1.2 billion in industrial properties, representing 5.0 million square feet. This brought the company\u2019s total portfolio to 248 properties encompassing about 31.5 million square feet.<\/p>\n<p>It was mostly a flurry of activity in the fourth quarter, all of it in Southern California, that got Rexford to such an impressive number:<\/p>\n<ul>\n<li>In mid-November, the REIT announced the <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-buys-logistics-assets-for-339m\/\">$339 million acquisition of five buildings<\/a> in Greater Los Angeles.<\/li>\n<li>In early December, two deals were disclosed, one for an <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-expands-with-155m-buy\/\">18-building portfolio next to Van Nuys Airport<\/a> for $154.6 million, and the other a $129.4 million acquisition of <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-acquires-inland-empire-portfolio-for-129m\/\">four single-tenant industrial buildings in the Inland Empire<\/a>.<\/li>\n<li>And a week before Christmas, Rexford announced that <a href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-los-angeles-assets-for-111m\/\">it had acquired, for $110.6 million<\/a>, a six-building logistics portfolio and an outdoor storage yard.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The purchases of four single-tenant buildings and an outdoor storage facility closed on New Year\u2019s Eve, just in time to bring the company\u2019s total 2020 acquisitions to $1.2 billion. <\/p>\n","protected":false},"author":882,"featured_media":1004502277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,34027,21783,21742,15],"tags":[],"class_list":["post-1004502238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-inland-empire","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/29010-Ave.-Paine.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004502238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004502238"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004502238\/revisions"}],"predecessor-version":[{"id":1004534198,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004502238\/revisions\/1004534198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004502277"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004502238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004502238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004502238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}