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Rexford Industrial Announces $141.4 Million of Acquisitions
"These five investments, acquired through off-market transactions, reflect our ability to capitalize upon Rexford's deep, local sharp-shooter market knowledge and relationships, our value-add expertise and proprietary access to the infill Southern California market, the nation's strongest, most resilient and highest demand industrial market," stated Howard Schwimmer and
In November and December, through off-market transactions, the Company acquired:
20481 Crescent Bay Drive, located in Lake Forest, within the Orange County - South submarket for $19.5 million, or $221per square foot. The 4.8-acre site contains an 88,355 square foot, single-tenant industrial building leased at a rental rate estimated to be approximately 35% below market rates. Upon lease expiration, the Company intends to drive cash flow growth through either value-add repositioning and re-tenanting or through lease renewal at market rent. The initial stabilized unlevered cash yield is 3.7%. According to CBRE, the vacancy rate in the 34 million square foot Orange County- South submarket was 2.2% at the end of the third quarter 2021. 2280 Ward Avenue, located in Simi Valley, within the Ventura County submarket for $46.4 million, or $192per square foot. The 242,100 square foot, modern Class-A six-tenant building is fully leased at rental rates estimated to be 25% below market rates and features high-demand mid-size, dock-high units. The initial stabilized unlevered cash yield is 4.6%, which is projected to grow to above 5.0% over time, driven by a combination of annual contractual rent escalations, repositioning and re-tenanting of vacated spaces and releasing to existing tenants at market rents. According to CBRE, the vacancy rate in the 68 million square-foot Ventura Countysubmarket was 0.9% at the end of the third quarter 2021. 334 El Encanto Road, located in the City of Industry, CA, within the LA – San Gabriel Valleysubmarket for $10.7 million, or $64per land square foot. The 64,368 square foot, single tenant building is situated on 3.8 acres of land leased to a single, entrenched tenant at a rental rate estimated to be approximately 30% below market rates. Upon lease expiration, the in-place tenant will either be renewed or the property may be redeveloped into a new Class A, 81,000 square foot modern industrial building. The initial in place 3.7% cash yield is projected to grow to a stabilized unlevered cash yield of approximately 5.7%. According to CBRE, the vacancy rate in the 159 million square foot LA – San Gabriel Valleysubmarket was 0.2% at the end of the third quarter 2021. 17031-17037 Green Drive, located in the City of Industry, CA, within the LA – San Gabriel Valleysubmarket for $13.8 million, or $270per square foot. The low coverage site contains a 51,000 square foot building on 3.6 acres of land, fully leased to two tenants at rental rates estimated to be 40% below market rates. Upon lease expiration, the Company intends to drive cash flow growth through value-add repositioning. The initial 3.8% unlevered cash yield is projected to grow to a stabilized unlevered cash yield on total investment of 5.4%. 13512 Marlay Avenue, located in Fontana, CA, within the highly desirable Inland Empire – West submarket for $51.0 million, or $256 per square foot. The 199,363 square foot, modern, single tenant industrial warehouse on 10.1 acres of land, is fully leased at a rental rate estimated to be approximately 40% below market rates. The initial 3.2% unlevered cash yield is projected to grow to a stabilized unlevered cash yield on total investment of 5.1%. According to CBRE, the vacancy rate in the 319 million square-foot Inland Empire – West submarket was 0.8% at the end of the third quarter 2021.
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the
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