Rexford Industrial acquires industrial park for $210m
Rexford Industrial Realty has acquired a six-building industrial park located within the South Bay submarket in Rancho Dominguez, Calif., for approximately $210.5 million.
Rancho Pacifica Industrial Park consists of six buildings totaling approximately 1.17 million square feet on 56.01 acres.
The complex is 99 percent leased at in-place lease rates estimated to be approximately 25 percent below market, on average, presenting opportunities to increase cash flow as 76 percent of current tenant leases roll through the end of 2020.
“Year to date, we have completed almost $500 million of acquisitions within our target infill Southern California industrial markets, as we remain focused on the execution of our internal and external growth strategies to increase cash flow and to drive long-term value creation for our shareholders,” stated Howard Schwimmer and Michael Frankel, co-chief executive officers of the company.
The acquisition was funded with the comp