Rexford Industrial Realty, Inc Acquires Industrial Properties in San Diego, California
The Company acquired 1332, 1336 and 1340 Rocky Point Drive, located in Oceanside within the San Diego, North Submarket for $10.2 million, or $138 per square foot. According to company officials, the $10.2 million acquisition was funded with cash on hand.
The property consists of three buildings located on separate land parcels, containing 73,747 square feet on 3.64 acres and is currently 31% occupied. The buildings were constructed in 2009 and feature 24' clear height, dock high loading, high image and modern functionality.
"We continue to leverage our deep market knowledge and proprietary originations platform to source attractive investments in highly competitive Southern California industrial submarkets," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company.
"These modern industrial buildings are well located in a supply constrained submarket, and provide an attractive opportunity to create value through lease up to stabilization,” he added. “With more than $371 million of acquisitions completed year-to-date, we remain committed to driving exceptional internal and external growth as we work to create long-term value for our shareholders."
The company intends to undertake minor functional and cosmetic upgrades on the two vacant buildings to capture full rents upon lease-up. According to CBRE, the vacancy rate in the 53 million square foot San Diego – North submarket was 4.7% at the end of the third quarter 2018.
Rexford Industrial owns 168 properties with approximately 20.6 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.
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