Rexford Industrial acquires two industrial properties for $27.6M
Rexford Industrial Realty announced the acquisition of two industrial properties totaling $27.6M. The acquisitions were funded using cash on hand. The Company acquired 12821 Knott St., located in Garden Grove within the Orange County - West submarket, for $19.8M, or $164 per square foot, from an affiliate of Brixton Capital. The high-visibility, freeway frontage property consists of a vacant, 24' clearance, 120,800 square foot single-tenant industrial building on 6.97 acres of land. The Company intends to modernize and reposition the existing building and add 40,000 square feet of new 30' clear warehouse space. According to CBRE, the vacancy rate in the 41.6M square foot Orange County - West submarket was 1.4% at the end of the Q3 of FY18. The Company also acquired 28510 Industry Drive, located in Valencia within the LA - San Fernando Valley submarket, for $7.8M, or $166 per square foot, in a sale-leaseback transaction. The property consists of a newly built 46,778 square foot single-tenant industrial building on 2.15 acres of land, and features 28' clearance, ESFR fire sprinklers and high-image office space. According to CBRE, the vacancy rate in the 174M square foot LA - San Fernando Valley submarket was 1.4% at the end of the Q3 of FY18.