Rexford Industrial Realty Acquires Industrial Complex in Southern California’s Inland Empire
07/25/2017
The Inland Empire stretches through Southern California, including cities in western Riverside County and southwestern San Bernardino County such as Rancho Cucamonga.
Rexford Industrial owns 143 properties with approximately 17.9 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
According to company officials, Rexford acquired 11190 White Birch Drive for approximately $99 per square foot. The industrial building contains 201,035 square feet on 9.27 acres of land and is 100% leased to a single tenant in the logistics industry on a triple net basis at below-market rent. The property features 26-foot clearance, 26 dock-high doors, and provides easy access to the 10 and 15 freeways.
“The building was originally constructed for two-tenant occupancy and, upon lease expiration, the property has the potential for efficient re-tenanting to two tenants at higher rents,” officials said. According to CBRE, the vacancy rate in the 281 million square foot Inland Empire West submarket was 1.4% at the end of the second quarter 2017.
"This acquisition continues to demonstrate our ability to source off-market transactions across our supply constrained target infill Southern California submarkets at compelling values," stated Howard Schwimmer and Michael Frankel, Co-CEO of the Company.
"This well-located property has significant rental upside, allowing us to capture near term cash flow and, upon lease expiration, the potential to roll rents to higher market rates. As we progress through the second half of 2017 and beyond, we continue to execute our internal and external growth strategies to drive cash flow and to create long term shareholder value," he added.
Project Announcements
Quantum Fuel Systems Plans Wixom, Michigan, Manufacturing Operations
03/17/2024
The Paslin Company Expands Pontiac-Shelby-Warren, Michigan, Operations
03/17/2024
Schneider Electric Plans-Expands Mt Juliet-Smyrna, Tennessee, Production Operations
03/15/2024
FreezPak Logistics Plans Suffolk, Virginia, Cold Storage Operations
03/15/2024
FrameTec Plans Casa Grande, Arizona, Production Operations
03/15/2024
Ferroglobe Plans Wallace, South Carolina, Production Operations
03/14/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The Logistics Analysis That Drives Industrial Site Selection
Q4 2023
-
AI 101 for Site Selection
Q4 2023
-
Technology’s Influence on Workforce Development
Workforce Q4 2023
-
2023 Top States Commentary: Top-Ranked States Have What It Takes to Win Mega Projects
Q3 2023
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023