{"id":1004566786,"date":"2022-02-09T04:45:22","date_gmt":"2022-02-09T12:45:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566786"},"modified":"2022-12-09T00:24:01","modified_gmt":"2022-12-09T08:24:01","slug":"rexford-industrial-completes-170m-in-purchases-across-socal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-completes-170m-in-purchases-across-socal\/","title":{"rendered":"Rexford Industrial Completes $170M in Purchases Across SoCal"},"content":{"rendered":"
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18455 S. Figueroa<\/p><\/div>\n

Rexford Industrial Realty<\/strong> has expanded its Southern California industrial portfolio with five acquisitions totaling $170 million. The REIT targeted assets with value-add potential across key submarkets, bringing its total footprint in the region to 37.2 million square feet.<\/p>\n

The largest sum was paid for a single-tenant flex project at 18455 S. Figueroa St. & 501 W. 190th St. in Gardena, Calif. Rexford paid $64.3 million to Atlas Capital Group <\/strong>for the 9-acre property, which comprises three buildings totaling 146,765 square feet.<\/p>\n

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CommercialEdge <\/strong>data shows that Atlas Capital Group purchased the asset in 2019 from Two Harbors Investment. The sole tenant is Faraday Future<\/strong>, an electric vehicle start-up which has been leasing the buildings since it was founded in 2014. Upon lease expiration, Rexford plans to redevelop the entire campus into a single-tenant industrial building, planned to feature 36-foot heights, ESFR sprinklers and a 185-foot truck court. The site is located less than a mile from the I-110\/I-440 interchange, and about 14 miles from the Port of Long Beach, as well as Los Angeles International Airport.<\/p>\n

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24903 Avenue Kearny<\/p><\/div>\n

Rexford also acquired 24903 Avenue Kearny in Santa Clarita for $58.5 million. The 214,436-square-foot building is fully occupied by pharmaceutical wholesaler AmerisourceBergen. <\/strong>According to CommercialEdge, the building last traded in 2020, when it was acquired by Dedeaux Properties<\/strong>.<\/p>\n

Last year, the asset became subject to a $21.5 million loan, provided by Zions Bank<\/strong>. Rexford expects to increase profit from the long-term lease\u2014its rate is projected to grow by 3.0 percent annually.<\/p>\n

The remaining three assets that changed hands are:<\/p>\n