Rexford Industrial Realty has acquired three industrial properties in Southern California totaling approximately $33.8 million.
The company acquired 851 Lawrence Drive, located in Thousand Oaks in the Ventura submarket, for $6.6 million, or $132 per square foot. The property contains a vacant 49,976-square-foot building on 4.87 acres of land. According to CBRE, the vacancy rate in the 63 million-square-foot Ventura submarket was 1.9 percent at the end of fourth quarter 2017.
Rexford also acquired 1581 North Main St., located in Orange in the Orange County-North submarket, for $7.2 million, or $180 per square foot. The property comprises 39,661 square feet on 1.80 acres of land and is currently 100 percent leased to a single tenant, though it presents future value-add potential, as the building is divisible into three units. According to CBRE, the vacancy rate in the 113 million square foot Orange County-North submarket was 1.1 percent at the end of fourth quarter 2017.
The company also acquired 4039 Calle Platino, located in Oceanside in the San Diego-North County submarket, for $20 million, or $140 per square foot. The property contains 143,274 square feet on 9.54 acres of land and is currently 100 percent leased to four tenants at in-place rents that are meaningfully below market. According to CBRE, the vacancy rate in the 52 million-square-foot San Diego-North County submarket was 4.3 percent at the end of fourth quarter 2017.
The company also sold 200–220 South Grand Ave., located in Santa Ana in the Orange County-Airport submarket, for approximately $4.5 million, or $165 per square foot. The multi-tenant industrial building is 100 percent occupied and comprises 27,200 square feet on 1.63 acres of land. The property was sold to a private owner.
