{"id":1004575181,"date":"2022-04-06T11:50:28","date_gmt":"2022-04-06T19:50:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004575181"},"modified":"2022-12-08T12:57:58","modified_gmt":"2022-12-08T20:57:58","slug":"rexford-industrial-buys-4-socal-assets-for-83m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-4-socal-assets-for-83m\/","title":{"rendered":"Rexford Industrial Buys 4 SoCal Assets for $83M"},"content":{"rendered":"
\"\"<\/a>

6245 Providence Way<\/p><\/div>\n

Rexford Industrial Realty<\/strong> has acquired four industrial assets in Southern California, in off-market transactions totaling $82.7 million. The company funded the acquisitions through a combination of cash on hand, operating partnership units, proceeds from future equity settlements and Rexford Industrial\u2019s line of credit.<\/p>\n

The properties the company purchased in March include 700-806 W. 14th St. and 701-733 W. Anaheim St. within L.A.’s South Bay area; 19900 Plummer St. within the L.A. San Fernando Valley; 6245 Providence Way in the Inland Empire and 13711 Freeway Drive in the L.A.\u2013Mid-Counties region.<\/p>\n

Moreover, in the first quarter, Rexford Industrial completed a total of $458 million in investments. Of these, 85 percent were purchased in off-market or lightly marketed transactions, according to prepared remarks by Howard Schwimmer and Michael Frankel, Co-CEOs of Rexford Industrial.<\/p>\n

Southern California focus<\/h2>\n

The company purchased 700-806 W. 14th St. and 701-733 W. Anaheim St. in Long Beach, Calif., for $24 million. The property is a 123,532-square-foot industrial park located on 4.8 acres less than 2 miles northwest of downtown Long Beach. According to CommercialEdge data, the property also features 3,000 square feet of retail, as well as 164 parking spaces in a 1.4 spaces per 1,000 square feet parking ratio. Tenants at the property include companies such as California Food Trucks, Peytch\u2019s Automotive, Wilorco and THA Connection. Lee & Associates<\/strong> currently provides brokerage services for the property.<\/p>\n

19900 Plummer Street in Chatsworth, Calif., traded for $15 million. Rexford Industrial plans to either redevelop the industrial-zoned site by constructing a 78,000-square-foot Class A warehouse and remove the existing building, or renew the agreement with the in-place tenant, Phillips Graduate University, upon its lease expiration. Originally built in 1983, the property was completely renovated in 2015, according to CommercialEdge data. A total of 252 parking spaces are currently available, in a 5.8 spaces per 1,000 square feet parking ratio.<\/p>\n

Located on 2 acres in Eastvale, Calif., within the Inland Empire\u2013West submarket, the 27,636-square-foot 6245 Providence Way traded for $9.7 million. Chase Partners<\/strong> was the seller. When the current lease expires, Rexford Industrial plans to re-lease the property, as the current rent is estimated to be 40 percent below market rate. Socal Service Development is the only tenant at the 2017-built property, according to CommercialEdge data. CBRE<\/strong> provides brokerage services for the asset.<\/p>\n

\"\"<\/a>

13711 Freeway Drive<\/p><\/div>\n

Rexford Industrial paid the largest sum for 13711 Freeway Drive in Santa Fe Springs, Calif., which traded for $34 million in a short-term sale-leaseback transaction. The company plans to construct a 108,000-square-foot Class A building on the 5-acre site. The seller was Martinez Trucking<\/strong>, which will continue to lease the 1966-built property. The asset has Interstate 5 frontage, offering easy access into L.A.<\/p>\n

The acquisitions align with Rexford Industrial\u2019s strategy to invest in Southern California infill locations. Last month, the company purchased a 231,769-square-foot office campus within Chatsworth Business Park<\/a> in Chatsworth, Calif., for $42 million, in another off-market transaction. Earlier in February, the company completed five additional acquisitions<\/a> across Southern California for a combined $170 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisitions align with the company\u2019s strategy to invest in Southern California infill locations.<\/p>\n","protected":false},"author":3142,"featured_media":1004575188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21748,21783,1594,21742,15],"tags":[32789,32762,35630],"class_list":["post-1004575181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-industrial","category-investment","category-los-angeles","category-latest","category-west","tag-cbre","tag-lee-associates","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"\nRexford Industrial Buys 4 SoCal Assets for $83M - CPE<\/title>\n<meta name=\"description\" content=\"Rexford Industrial Realty continues its strategy of targeting Southern California infill locations with four industrial purchases in March.\" \/>\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-4-socal-assets-for-83m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexford Industrial Buys 4 SoCal Assets for $83M\" \/>\n<meta property=\"og:description\" content=\"Rexford Industrial Realty continues its strategy of targeting Southern California infill locations with four industrial purchases in March.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-4-socal-assets-for-83m\/\" \/>\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=\"2022-04-06T19:50:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:57:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/6245-Providence-Way-e1649245502259.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anda Rosu\" \/>\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-4-socal-assets-for-83m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-buys-4-socal-assets-for-83m\/\",\"name\":\"Rexford Industrial Buys 4 SoCal Assets for $83M - 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