Rexford Industrial Acquires Industrial Property for $6.9 Million - Land.Net News
October 1, 2015 LOS ANGELES--(Business Wire)--
Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE:REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the acquisition of 9805 6th Street, comprised of two buildings located in Rancho Cucamonga, for $6.9 million, or approximately $85 per square foot. The acquisition was completed with cash on hand and borrowings under the Company`s line of credit.
"This property provides a meaningful value creation opportunity for Rexford Industrial within a key target infill market at attractive pricing. Upon the completion of capital expenditures, including functional enhancements and cosmetic upgrades, we believe the buildings will command premium rents and drive above-market returns for our shareholders," said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company.
9805 6th Street is comprised of two 24 feet clear buildings containing 81,377 square feet on 4.89 acres of land in Rancho Cucamonga, California. The buildings are 100% occupied by four tenants and feature above-standard dock-high loading, 180 feet truck turning radius, and in-place rents that are approximately 20% below current market rents, which expire between the end of 2015 and 2017. The property is located in the Inland Empire West submarket. According to CBRE, the vacancy rate in the 265 million square foot Inland Empire West submarket was 2.5% at the end of the second quarter of 2015.