Rexford Industrial Realty announced the acquisition of two infill industrial properties containing a combined total of 213,581 rentable square feet, for an aggregate purchase price of approximately $30.6 million.
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Rexford Industrial acquired 12907 Imperial Highway, a 101,000 square foot property on 4.21 acres, for $12.2 million, or $121 per square foot. The single-tenant industrial building is located in Santa Fe Springs, within the Mid-Counties submarket, and is 100% leased through 2019 to a single tenant under an absolute net lease arrangement.
The class "A" facility features 17 dock-high loading positions, ESFR sprinklers, 30 feet clear height, and favorable access to the I-5, I-605, 91 and 105 freeways. Imperial Highway is the third asset of a three-asset portfolio to be acquired by the Company, with the first two assets having closed in December 2014.
According to CBRE, the vacancy rate in the 108.6 million square foot Mid-Counties submarket stood at 1.7% at the end of Q4 2014. Rexford Industrial assumed a $5.4 million loan that matures in April 2018. The remainder of the purchase price was funded with availability under the Company’s line of credit.
In an off-market transaction, Rexford Industrial acquired 8902-8940 Activity Road, within the Central San Diego submarket for $18.4 million, or $164 per square foot. The property consists of five high-quality multi-tenant industrial buildings, with spaces ranging from 900 to 20,000 square feet, with a total of 112,500 square feet on 10.02 acres. The complex is currently 92.5% occupied and is comprised of 34-units of varying sizes.
The Company plans to lease the remaining vacancies at market rates, and implement cosmetic upgrades to increase the property’s marketability over time. The property has convenient access to the I-15 and I-805 freeways.
According to CBRE, the vacancy rate in the 81 million square foot Central San Diego submarket stood at 6.3% at the end of Q4 2014. The acquisition was funded with avai ■