Rexford Industrial Realty Expands With Santa Clarita, Vista, California, Industrial Properties
The Company acquired 2455 Ash Street, located in Vista within the North San Diego County submarket, for $6.7 million, or $157 per square foot. The property contains 42,508 square feet on 3.45 acres of land, and is 100% leased to a single tenant. The building features dock-high loading, 22-foot clearance and a private yard. The Company intends to harvest cash flow from an existing long-term lease and will perform minor upgrades adding value upon re-leasing.
According to CBRE, the vacancy rate in the 53 million square foot San Diego County submarket was 5.5% at the end of the fourth quarter 2018.
The Company also acquired 25413 Rye Canyon Road, located in Santa Clarita within the San Fernando Valley submarket, for $5.5 million, or $115 per square foot. The property contains 48,075 square feet on 2.60 acres of land, and is currently 40% leased. While retaining the current tenant in-place, the Company intends to demise the property into a two-tenant building and complete value-add renovations.
According to CBRE, the vacancy rate in the 174 million square foot San Fernando Valley submarket was 1.6% at the end of the fourth quarter 2018.
"These acquisitions demonstrate our ability to methodically source attractive off-market investment opportunities in Southern California's highly competitive and supply-constrained infill industrial markets," Howard Schwimmer and Michael Frankel, Co-CEOs of the Company said.
"Ash Street is a well-located highly functional industrial property, with attractive in-place cash flows in the North San Diego County submarket. Rye Canyon Road provides a value-add opportunity through repositioning into a two-tenant property,” they said. “We believe our research-driven originations platform and deep investment pipeline will continue providing us attractive opportunities to grow Rexford's portfolio of high-quality assets and deliver long-term value to our shareholders."
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