Rexford adds $95M worth of SoCal industrial
Four deals total 402K sf spread over LA, OC, Inland Empire
Rexford Industrial Realty has added around 402,000 more square feet to its already pronounced industrial portfolio across Southern California.
The firm spent $95 million to acquire four properties in Los Angeles County, Orange County, and the Inland Empire, according to an announcement last week. The deals take its total in the area’s industrial segment to around 34 million square feet.
In the Inland Empire, Rexford purchased a 199,400-square-foot, fully leased warehouse at 13512 Marlay Avenue in Fontana for $51 million — around $256 per square foot.
In Orange County, Rexford bought an 88,355-square-foot complex at 20481 Crescent Bay Drive in Lake Forest for $19.5 million, or around $221 per square foot.
In Los Angeles, the firm bought a 51,000-square-foot building across 3.6 acres at 17031 Green Drive for $13.8 million, and a 64,400-square-foot building at 334 El Encanto Road for $10.7 million. Both of the L.A. County buys were in the City of Industry.
Rexford’s newest acquisitions closed in November and December.
Rexford most recent prior deal was a 242,000-square-foot building in the Ventura County municipality of Simi Valley for $46.4 million.
All of the properties bought in Rexford’s latest round of deals will be redeveloped or subject to new leasing terms to bring rents up to market rates once current leases expire, Rexford added. At 334 El Encanto Road in the City of Industry, Rexford may redevelop the site into a new 81,000-square-foot industrial building once leases expire.
Rexford’s new acquisitions were propelled by decreasing vacancy rates across submarkets. In the Los Angeles County submarket of the San Gabriel Valley area, which includes the City of Industry, vacancy rates hit 0.2 percent at the end of the third quarter, according to CBRE.
The deals cap off a big year on the acquisition trai for Rexford, which had the top industrial deall for at least the fourth year in a row. The company spent $182 million on a 576,000-square-foot industrial complex in Torrance — around $316 per square foot.