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Area Development - Site Selection, Facility Planning and Workforce Development

Rexford Industrial Realty Expands with Thousand Oaks, California, Industrial Park

02/01/2019
Rexford Industrial Realty, Inc., a real estate investment trust, expanded with the acquisition of a nine-building industrial park at Conejo Spectrum Business Park in Thousand Oaks, California.

The Company acquired Conejo Spectrum Business Park, located in Thousand Oaks within the Ventura County submarket, for $106.3 million, or $200 per square foot, company officials said. The complex is 72% leased to a range of credit tenants and consists of nine industrial buildings containing 531,378 square feet on 28.05 acres of land.

The newly constructed, Class A buildings are LEED certified and feature 28'-30' clearance, ESFR fire sprinklers, private secured yards and modern office space. The Company intends to demise a vacant 98,218 square foot building into two units in order to increase value.

"Acquired through an off-market transaction, this investment demonstrates our ability to leverage our deep relationships and market knowledge to catalyze accretive acquisitions in Southern California's infill industrial markets. This transaction presented the rare opportunity to acquire a newly constructed industrial park in a highly competitive submarket in which Class A industrial space is virtually unavailable," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company.

"Conejo Spectrum Business Park has attracted high quality tenants, including major ecommerce and consumer product companies, due to the substantial demand for last-mile logistics to service the adjacent population centers of the San Fernando Valley and Ventura County markets,” they noted.

“As we progress through 2019, we believe our pipeline of investment opportunities will enable us to continue to deliver exceptional internal and external growth and to create long-term value for our shareholders,” the officers explained.

According to CBRE, the vacancy rate in the 64 million square foot Ventura County submarket was 3.1% and the vacancy rate in the 174 million square foot San Fernando Valley submarket was 1.6% at the end of the fourth quarter 2018.

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