Rexford Industrial Realty Acquires Los Angeles, California, Multi-Tenant Industrial Site
The Company acquired 6100 Sheila Street, located in Commerce within the Las Angeles, Central submarket, for $18.2 million, or $245 per square foot, company officials said.
The property consists of a 74,527 square foot freezer, cooler building on 4.33 acres of land and is currently 100% leased to seven tenants. The 22' clear building has 40 dock positions with units from 6,000 to 18,000 square feet.
According to company officials, Rexford Industrial intends to improve the building's functionality and energy efficiency with the potential to roll in-place leases to higher market rates. According to CBRE, the vacancy rate in the 165 million square foot LA, Central submarket was 1.1% at the end of the third quarter 2018.
"This acquisition demonstrates our ability to source accretive industrial property investments within Southern California's highly sought-after infill industrial market at prices significantly below replacement cost," said Howard Schwimmer and Michael Frankel, Co-CEOs of the Company.
"Sheila Street is a fully-leased multi-tenant cold storage building located in a high-demand, supply constrained submarket. This investment provides an opportunity to deliver small- to mid-sized cold storage spaces that are otherwise cost-prohibitive to construct and offer a cost-efficient, highly-valued solution to tenants seeking alternatives to higher-cost third-party-managed warehouses. This brings our investments to $473 million of industrial property acquired year-to-date. We are excited at our prospects looking ahead to 2019 and beyond to continue to deliver strong internal and external growth and value to our shareholders,” they added.
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