{"id":1004687855,"date":"2023-10-30T04:18:39","date_gmt":"2023-10-30T12:18:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004687855"},"modified":"2023-10-30T05:51:46","modified_gmt":"2023-10-30T13:51:46","slug":"rexford-industrial-invests-245m-in-infill-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/","title":{"rendered":"Rexford Industrial Seals $245M Deals in LA"},"content":{"rendered":"
\"Rexford<\/a>

Rexford Industrial acquired 15801 West 1st Street, Irwindale, Calif., in the Los Angeles San Gabriel Valley submarket. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Rexford Industrial Realty<\/strong> Inc. has both acquired for $120 million a nearly 1 million-square-foot industrial facility in Greater Los Angeles and loaned the seller an additional $125 million collateralized by an adjacent 150-acre industrial development site.<\/p>\n

Pabst Brewing<\/strong> sold the property, according to CommercialEdge data. Rexford did not respond to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

The existing building is a 993,142-square-foot structure on a 75-acre site at 15801 W. First St., Irwindale, adjacent to the I-210 freeway, in the San Gabriel Valley submarket.<\/p>\n

It\u2019s fully leased to what Rexford describes as \u201ca deeply entrenched tenant with an eight-year lease term subject to long-term extension options.\u201d<\/p>\n

\n

READ ALSO<\/strong>: What\u2019s Ahead for Industrial?<\/a><\/p>\n

\n

Rexford noted that this was an off-market transaction and provides \u201can initial 5.6 percent unlevered cash yield,\u201d along with the possibility of redeveloping the site following lease expiration.<\/p>\n

On the other side of this transaction, the REIT issued to the seller a $125 million five-year, fixed-rate loan with an effective interest rate of 8.0 percent. The loan also features a right of first offer for Rexford to acquire the industrial development site in the future.<\/p>\n

Rexford funded the twin deals using proceeds from forward equity settlements and cash on hand.<\/p>\n

In a prepared statement, Rexford co-CEOs Howard Schwimmer and Michael Frankel noted that the REIT \u201chas a near-term pipeline comprising approximately $100 million of new investments under contract or accepted offer.\u201d<\/p>\n

La-La Land doldrums<\/h2>\n

The metro Los Angeles industrial space market is seeing negative net absorption, with buildings in a wide range of sizes returning to the market, according to a third-quarter report from Kidder Mathews<\/strong>. Further, newly completed Class A buildings are getting little love, as 3PL users, the primary tenant base, remain on the sidelines.<\/p>\n

As a result, vacancy has increased to 3.2 percent, and the average asking rent has slid to $1.83. On the positive side, new deliveries are down, and Kidder Mathews expects an increase in cargo at the ports of Long Beach and Los Angeles going into 2024.<\/p>\n

Earlier this month, IDS Real Estate Group obtained an $84 million<\/a> four-year, floating-rate loan as post-close acquisition financing for IDS\u2019s July purchase of the three-building Azusa Industrial Center in Azusa, Calif. The 432,500-square-foot asset is fully leased to four tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT’s acquisition of a suburban facility includes the option of buying an adjacent development site.<\/p>\n","protected":false},"author":882,"featured_media":1004687886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,1594,21742,15],"tags":[33612,35630],"class_list":["post-1004687855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-los-angeles","category-latest","category-west","tag-kidder-mathews","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"\nRexford Industrial Seals $245M Deals in LA - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Rexford Industrial Realty has acquired a nearly 1 million-square-foot industrial facility in Greater Los Angeles for $120 million.\" \/>\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-invests-245m-in-infill-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexford Industrial Seals $245M Deals in LA\" \/>\n<meta property=\"og:description\" content=\"Rexford Industrial Realty has acquired a nearly 1 million-square-foot industrial facility in Greater Los Angeles for $120 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/\" \/>\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=\"2023-10-30T12:18:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-30T13:51:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Rexford-Industrial-acquisition.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"810\" \/>\n\t<meta property=\"og:image:height\" content=\"584\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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-invests-245m-in-infill-assets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/\",\"name\":\"Rexford Industrial Seals $245M Deals in LA - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Rexford-Industrial-acquisition.jpg\",\"datePublished\":\"2023-10-30T12:18:39+00:00\",\"dateModified\":\"2023-10-30T13:51:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Rexford Industrial Realty has acquired a nearly 1 million-square-foot industrial facility in Greater Los Angeles for $120 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-invests-245m-in-infill-assets\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Rexford-Industrial-acquisition.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Rexford-Industrial-acquisition.jpg\",\"width\":810,\"height\":584,\"caption\":\"Rexford Industrial acquired 15801 West 1st Street, Irwindale, Calif., in the Los Angeles San Gabriel Valley submarket. 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