Rexford Industrial Realty Expands with Industrial Properties in Carlsbad and Carson, California
According to company officials, the Company acquired 6131 and 6133 Innovation Way, located in Carlsbad within the San Diego, North County submarket for $24,200,000, or $211 per square foot.
The property consists of two newly built, separately parceled buildings each with two tenant spaces, together containing 114,572 square feet on 8.28 acres. Currently 72% occupied, the buildings provide an opportunity for value-add lease-up with highly-functional space featuring 30'-32' clear height, dock-high loading and a 200' truck court.
The Company also acquired 263-321 East Gardena Boulevard, located in Carson within the LA, South Bay submarket for $16,101,000, or $68 per land square foot, in a sale-leaseback transaction.
The single-tenant property comprises 55,238 square feet of buildings on 5.41 acres, including excess land for container storage. Upon closing of the transaction the current occupant, a national trucking operator, signed a new five-year lease.
"These transactions demonstrate Rexford's proven ability to source attractive off-market investment opportunities across Southern California's highly fragmented infill industrial market," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company.
"Innovation Way comprises two new buildings providing modern warehouse functionality, high image office space and broad appeal to a wide range of tenants. East Gardena Boulevard is a 100% leased warehouse and container storage facility ideally located in the heart of the Los Angeles South Bay submarket, providing easy access to multiple freeways, the Ports of Los Angeles and Long Beach and Los Angeles International Airport,” they explained. “With over $411 million of acquisitions completed year-to-date, we are pleased with the quality of our growth and ability to drive cash flow growth and enhanced shareholder value into 2019 and beyond."
According to CBRE, the vacancy rate in the 53 million square foot San Diego, North County submarket was 4.7% at the end of the third quarter 2018. In addition, the vacancy rate in the 223 million square foot LA, South Bay submarket was 1.0% at the end of the third quarter 2018.
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