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Rexford Industrial Announces $186.5 Million of Transaction Activity
"We are pleased to maintain our strong momentum into 2022 as our transaction activity continues to demonstrate Rexford Industrial's ability to capitalize upon our extensive research- and relationship-driven investment pipeline to acquire high-quality, irreplaceable industrial property with significant embedded value-creation potential within supply-constrained infill
In January and February, the Company acquired:
444 Quay Avenue, located in Los Angeles, within the LA – South Baysubmarket for $10.8 million, or $158per land square foot. The 29,760 square foot port-adjacent building is situated on 1.6 acres of land adjoining an existing Rexford Industrialsite. The current leases are estimated to be approximately 65% below market and, upon near-term expirations, the Company intends to redevelop the site, combined with the adjacent owned Rexford Industrialsite, into a modern single-tenant low coverage logistics facility. The investment is projected to generate a 6.2% unlevered stabilized yield on total cost. According to CBRE, the vacancy rate in the 219 million square LA – South Baysubmarket was 0.6% at the end of the fourth quarter 2021. 19475 Gramercy Place, located in Torrance, within the LA – South Baysubmarket for $11.3 million, or $237per square foot. The Company intends to reposition the existing vacant 47,712 square foot building on 1.9 acres of land and re-lease the site at market rent. The stabilized unlevered cash yield is projected to be 5.2% upon lease-up. 18455 South Figueroa Street& 501 West 190th Street, located in Los Angeles, within the LA – South Baysubmarket, through an off-market transaction for $64.3 million, or $165per land square foot. The fully leased covered land site contains a 146,765 square foot single-tenant flex project. Upon lease expiration in the near- to medium-term, the Company plans to redevelop the 9.0-acre site into a best-in-class, single-tenant industrial building featuring 36' clear heights, ESFR sprinklers and 185-foot truck court. The initial, in-place 3.6% unlevered cash yield is projected to grow to a 5.8% stabilized yield on total investment following redevelopment.
- 24903 Avenue Kearny, located in
Santa Clarita, within the Greater San Fernando Valleysubmarket for $58.5 million, or $273per square foot. The 214,436 square foot, fully leased building is situated on 10.1 acres of land and is subject to a long-term lease with in-place rent estimated to be approximately 10% below market rates. The initial 3.5% unlevered cash yield on total investment is projected to grow over time driven by contractual 3.0% annual rent increases. According to CBRE, the vacancy rate in the 180 million square-foot Greater San Fernando Valleysubmarket was 0.6% at the end of the fourth quarter 2021. 14005 Live Oak Avenue, located in Irwindale, within the LA – San Gabriel Valleysubmarket, through an off-market transaction for $25.0 million, or $112per land square foot. The 5.1 acre covered land site contains a single-tenant 56,510 square foot office building subject to a short-term lease. Following lease expiration, the Company intends to redevelop the site by constructing a new 100,000 square foot state-of-the-art logistics facility with excess land for trailer storage. The initial 3.8% unlevered cash yield is expected to grow to a 5.0% stabilized unlevered cash yield on total investment following re-development. According to CBRE, the vacancy rate in the 160 million square-foot San Gabriel Valleysubmarket was 0.3% at the end of the fourth quarter 2021.
In January, the Company disposed of the following property:
- 28159 Avenue Stanford, located in
Santa Clarita, within the LA – Greater San Fernando Valleysubmarket for $16.5 million, or $208per square foot. The 79,247 square foot multi-tenant office/industrial building had 96% occupancy at the time of sale. The unlevered IRR on this transaction to the Company is 9.1%. Proceeds from the sale were reinvested into the acquisition of Avenue Kearny.
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
424 256 2153 ext. 401
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