iCrowdNewswire Oct 30, 202011:09 AM ET
Rexford Industrial Realty, Inc., a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, today announced the acquisition of an industrial property for $15.5 million. The acquisition was funded using cash on hand.
“We continue to leverage our research and technology-driven originations platform to source off-market investment opportunities in Southern California’s highly fragmented and supply-constrained infill industrial markets,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “Avalon Boulevard presents the opportunity to redevelop a prime land parcel by removing an older, obsolete building and constructing a new, state-of-the-art industrial facility positioned to command premium rents in the high-demand, extremely low-supply LA – South Bay submarket. With over $390 million of acquisitions completed year-to-date, we maintain a low leverage balance sheet as we capitalize upon our internal and external growth opportunities to create long term shareholder value.”
The Company acquired 15505 & 15601 South Avalon Boulevard, located in Los Angeles within the LA – South Bay submarket, in an off-market transaction for $15.5 million, or $81 per land square foot. The property consists of 4.41 acres with 63,691 square feet of legacy improvements which were vacant upon closing. The Company intends to demolish the existing buildings and construct a new 84,700 square foot single-tenant industrial building with best-in-class features including ESFR fire sprinklers, 32′ clearance, extensive dock-high loading, and an oversized yard for container storage. According to CBRE, the vacancy rate in the 225 million square foot LA – South Bay submarket was 1.6% at the end of the third quarter 2020.
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California infill markets, owns 233 properties with approximately 27.9 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.
424 256 2153 ext. 401
424 256 2153 ext. 401