Rexford Industrial has completed five new acquisitions in Southern California totaling $170 million. The acquisitions bring the REITs industrial portfolio to 37.2 million square feet. The properties were purchases with cash on hand and proceeds from a 1031 exchange.
In this latest round of purchases, Rexford acquired 444 Quay Avenue, 29,760-square-foot port-adjacent building is situated on 1.6 acres of land adjoining an existing Rexford Industrial site, for $10.8 million. Rexford plans to redevelop the site along with the adjacent site into a single-tenant property. The investment is expected to generate 6.2% unlevered stabilized yield on total cost.
Up next, the firm purchased 19475 Gramercy Place, 47,712-square-foot building on 1.9 acres of land and re-lease the site at market rent, for $11.3 million with the expectation of a 5.2% stabilized unlevered cash yield, and 24903 Avenue Kearny, a 214,436-square-foot, fully leased building on 10.1 acres with a long-term lease priced 10% below market rates, for $58.5 million.
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The firm also acquired 18455 South Figueroa Street & 501 West 190th Street, a 146,765-square-foot single-tenant flex project, for $64.3 million, and 14005 Live Oak Avenue, a 5.1 acre covered land site contains a single-tenant 56,510 square foot office building subject to a short-term lease, for $25 million. Both properties will be redeveloped.
In addition to these purchases, Rexford also sold 28159 Avenue Stanford in Santa Clarita, for $16.5 million. The 79,247-square-foot multi-tenant office/industrial building was 96% and delivered an unlevered IRR on this transaction to the Company is 9.1%. Proceeds from the sale were reinvested into the acquisition of Avenue Kearny.
Rexford Industrial has been aggressively expanding its Southern California portfolio. Last year, the firm completed $1.6 billion in acquisitions. It completed several rounds of acquisitons to achieve the significant volume, purchasing five properties—all located in prime Southern California markets—in December for $141 million. The firm was particularly active in the second half of the year, more than tripling its acquisitions from August through the end of the year.
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Kelsi Maree Borland
