LOS ANGELES — Rexford Industrial Realty Inc. (NYSE: REXR), a real estate investment trust (REIT) focused on owning and operating industrial properties in Southern California, has acquired an industrial portfolio for $88.5 million, or approximately $108 per square foot. The nine properties, all located in Southern California, total 817,166 square feet. The portfolio is currently 87 percent leased.
“The properties are strategically located within Los Angeles County, Orange County and San Diego County with convenient access to key regional, interstate, rail, and airport infrastructure to support local and regional distribution. We plan to execute on a range of opportunities to drive occupancy while enhancing functionality, cash flow and value through strategic repositioning,” said Howard Schwimmer and Michael Frankel, co-CEOs of Rexford Industrial Realty, in a company statement of the transaction.
Eight of the nine properties are 96 percent leased on average, with the remaining property at 40 percent occupancy. Collectively, the nine properties contain 24 units leased to 17 tenants with staggered lease expirations.
The nine properties include:
Salt Lake, a 126,036-square-foot building located in City of Industry. The asset was built in 1979 and includes clear heights of 24 to 30 feet, as well as dock-high loading. The property is fully leased to four tenants.
Valley, a 108,703-square-foot building located in Pomona. The property was built in 1980 and includes clear heights of 22 feet and excess land. The property is fully leased to one tenant.
Hunter, a 119,692-square-foot building located in Anaheim. The property was built in 1987 and includes clear heights of 24 feet. The property is fully leased to three tenants.
Alton, a 124,000-square-foot building located in Irvine. The property was built in 1974 and includes clear heights of 28 feet. The property is currently 40 percent leased to one tenant.
9340 Cabot, an 86,564-square-foot building located in San Diego. The property was built between 1975 and 1976 and includes clear heights of 22 to 24 feet. The property is currently 84 percent leased to two tenants.
9404 Cabot, a 46,846-square-foot building in San Diego. The property was built between 1975 and 1976 and includes clear heights of 22 to 24 feet. The property is fully leased to one tenant.
9455 Cabot, a 96,840-square-foot building in San Diego. The property was built between 1975 and 1976 and includes clear heights of 22 to 24 feet. The property is currently 84 percent leased to one tenant.
Distribution I, a 47,666-square-foot building located in San Diego. The property was built in 1974 and includes clear heights of 27 feet. The property is fully leased to two tenants.
Distribution II, a 60,819-square-foot building in San Diego. The property was built in 1983 and includes clear heights of 22 to 24 feet. The property is fully leased to two tenants.
Rexford Industrial Realty owns interests in 85 properties spanning approximately 9.1 million square feet in Southern California. The REIT also manages an additional 20 properties spanning approximately 1.2 million square feet. Rexford’s stock price closed Friday, June 27 at $14.21 per share, up slightly from the REIT’s initial public offering of $14 per share in July 2013.
— John Nelson