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LOS ANGELES — Rexford Industrial Realty has purchased four industrial assets for an aggregate acquisition price of $163.8 million in off-market transactions.
The purchases were funded using a combination of cash on hand, the company’s line of credit and units in the company’s operating partnership (OP Units).
In May and June, the company purchased:
- 2020 South Central Ave. in Compton, Calif., for $10.8 million, or $110 per land square foot. The 2.3-acre, industrial-zoned land site contains a fully occupied, 30,233-square-foot, single-tenant building. Upon lease expiration, Rexford plans to redevelop the site by constructing a 45,000-square-foot, Class A industrial building.
- 14200-14220 Arminta St. in Panorama City, Calif., for $90.2 million, or $451 per square foot. Situated on 8.5 acres, the 200,000-square-foot, Class A building is leased long-term to a credit tenant. The acquisition was completed using $24.5 million of cash and 954,000 OP Units at a value of $68.84 common stock. Michael Bogle of CBRE represented both Rexford and the seller, Powell Plaza Associates, in the transaction.
- 1172 Holt Blvd. in Ontario, Calif., for $17.8 million, or $404 per square foot. Built in 2021 on 2.1 acres, the 44,000-square-foot, Class A building is adjacent to the Rexford’s recently purchased 1154 Holt Blvd. site. Currently, the property is leased to a single tenant.
- 1550 S. Raymond Ave. in Fullerton, Calif., for $45 million, or $143 per land square foot. Situated on 7.2 acres, the industrial-zoned site contains a recently shuttered hotel that will be redeveloped into a Class A warehouse totaling approximately 138,500 square feet of excess land for trailer/outdoor storage.