Rexford Industrial acquires industrial property for $14.6M
Rexford Industrial announced the acquisition of an industrial property for approximately $14.6M. The acquisition was funded utilizing the company's line of credit. The company acquired 4832 Azusa Canyon Road, located in the Los Angeles - San Gabriel Valley submarket, for $14.6M, or approximately $166 per square foot. Fully leased to two tenants, this high image, newly constructed four-unit industrial building contains 87,421 square feet on 3.5 acres of land and features 28-foot clearance, eight dock doors, ESFR fire sprinklers and LED motion sensor lighting. Further, the potential to lease its four units to four separate tenants creates the opportunity to command premium rents upon re-tenanting. According to CBRE, the vacancy rate in the 151M square foot Los Angeles - San Gabriel Valley submarket was 1.0% at the end of Q2.