Rexford Industrial Realty Expands with Industrial Properties in Garden Grove and Valencia, California
"We continue to utilize our proprietary originations platform and extensive market relationships to source attractive off-market investment opportunities in Southern California's highly-sought-after infill industrial markets," stated Howard Schwimmer and Michael Frankel, Co-CEOs of the Company.
"Knott Street is a single-tenant industrial building providing a value-add opportunity to modernize the existing building and to develop 40,000 square feet of new warehouse space on excess land. Industry Drive is a single-tenant building acquired in a sale-leaseback transaction leveraging Rexford's existing relationship with the seller. We are pleased to begin 2019 with transactions that demonstrate our ability to grow Rexford's portfolio of high-quality industrial assets as we capitalize on a deep well of opportunities to create value for our shareholders,” they added.
The Company acquired 12821 Knott St., located in Garden Grove within the Orange County – West submarket, for $19.8 million, or $164 per square foot, from an affiliate of Brixton Capital. The high-visibility, freeway frontage property consists of a vacant, 24' clearance, 120,800 square foot single-tenant industrial building on 6.97 acres of land.
The Company intends to modernize and reposition the existing building and add 40,000 square feet of new 30' clear warehouse space. According to CBRE, the vacancy rate in the 41.6 million square foot Orange County – West submarket was 1.4% at the end of the third quarter 2018.
The Company also acquired 28510 Industry Drive, located in Valencia within the Los Angeles – San Fernando Valley submarket, for $7.8 million, or $166 per square foot, in a sale-leaseback transaction.
The property consists of a newly built 46,778 square foot single-tenant industrial building on 2.15 acres of land, and features 28' clearance, ESFR fire sprinklers and high-image office space. According to CBRE, the vacancy rate in the 174 million square foot LA – San Fernando Valley submarket was 1.4% at the end of the third quarter 2018.
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