Rexford spends $153M on six industrial properties
Latest buying spree ranges from San Fernando Valley to Inland Empire
Rexford Industrial Realty is still finding properties to buy.
The Los Angeles-based industrial firm has bought six properties since April for a total of $153 million, the company said on Tuesday. Rexford bought the properties with cash and through the company’s $700 million line of credit.
Capital One, Truist Bank, Goldman Sachs, Mizuho Bank and the Bank of Nova Scotia are lenders on the revolving credit line, according to financial filings.
The company bought one building in Santa Fe Springs, two properties in the San Fernando Valley and three in the Inland Empire.
At 13535 Larwin Circle in Santa Fe Springs, Rexford purchased a 56,000-square-foot building for $15.5 million, or $277 per square foot. The property is leased at “a rate estimated to be 60 percent below current market rates,” the company said. King Companie, a relocation service firm, occupies the building.
In the Valley, the company purchased two properties for $25 million each — one at 7815 Van Nuys Boulevard in Panorama City for $175 a foot and another at 900 Allen Avenue in Glendale for $364 per square foot. Rexford is planning to demolish the existing property in Panorama City once existing leases expire to build a new 77,000-square-foot industrial building on site.
The Glendale property includes two industrial buildings that are leased to Glenair, a parts manufacturer.
In Ontario, Rexford bought a 35,000-square-foot property on 17 acres of land near the Ontario Airport for $14.2 million, or around $404 per square foot, as well as a 124,240-square-foot property at 1550 Champagne Avenue for $46.9 million, or $377 a foot.
Further into the Inland Empire, the company bought a 5.5-acre industrial storage site at 10131 Banana Avenue in Fontana for $26.2 million, or $109 a foot. Rexford plans to redevelop the property and build a 104,000-square-foot logistics building on site once leases expire.