14874 Jurupa Ave., Fontana. Picture courtesy of Rexford Industrial Realty Inc.
Rexford Industrial Realty Inc. has paid $198.1 million, or $382 per sq. foot, for a five-property portfolio totaling 518,931 sq. toes in Southern California’s L.A.-South Bay and Inland Empire-West submarkets. The vendor was IDI Logistics, in response to CommercialEdge information.
The properties are positioned at 2130-2140 E. Del Amo Blvd. and 20455 S. Reeves Ave. in Carson; 19145 Gramercy Place in Torrance; and 14874 Jurupa Ave. and 10600 Mulberry Ave. in Fontana. The portfolio was absolutely leased to 6 tenants on the time of sale.
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Los Angeles-based Rexford Industrial, the nation’s largest pure-play U.S.-focused industrial REIT, accomplished $2.4 billion of acquisitions final 12 months. The purchases, made by means of off-market and flippantly marketed transactions, had been funded with a mixture of money readily available and proceeds from ahead fairness settlements. Within the third quarter of 2022, Rexford Industrial accomplished seven acquisitions totaling some $339 million.
Howard Schwimmer and Michael Frankel, co-CEOs of the corporate, mentioned in a ready assertion the corporate is well-positioned for 2023, pointing to an intensive pipeline of potential NOI development pushed by important mark-to-market in-place leases, value-add repositioning and redevelopment tasks, plus $400 million of further accretive investments beneath contract or accepted presents.
Different Southern California acquisitions
The IDI Logistics portfolio was one of many 10 acquisitions, price $336.2 million, that Rexford Industrial closed within the fourth quarter of 2022. The remaining purchases concerned:
14400 S. Figueroa St., Los Angeles, bought for $49 million, or $234 per sq. foot. The 4.8-acre website is adjoining to a 1-acre parcel the corporate acquired in July. Rexford Industrial intends to reposition the mixed property right into a logistics facility with a 57,000-square-foot, cross-dock constructing and a container storage yard.
4500 Azusa Canyon, Irwindale, acquired for $40 million, or $116 per sq. foot. The 7.9-acre website has 77,266 sq. toes of buildings leased to a single tenant by means of a sale-leaseback.
3131 E. Harcourt St. and 18031 S. Susana Street, Rancho Dominguez, purchased for $27.5 million, or $208 per sq. foot. The three-acre website is adjoining to a 2.5-acre parcel that Rexford acquired in August. The corporate plans to redevelop the mixed websites right into a 34,000-square-foot logistics facility with an outsized container storage yard.
7817 Haskell Ave., Van Nuys, bought for $11.1 million, or $128 per sq. foot. The two-acre industrial outside storage website is absolutely leased to a single tenant.
755 Trademark Circle, Corona, acquired for $10.5 million, or $305 per sq. foot. The 34,427-square-foot constructing is positioned on 1.6 acres and leased to a single tenant by means of a long-term sale leaseback.
The fourth-quarter offers elevated the corporate’s portfolio by 15 % over the prior 12 months to 42.4 million sq. toes. On the finish of 2022, Rexford Industrial owned 356 properties, occupied by a steady and various tenant base, throughout infill Southern California.
