Rexford Industrial Realty announced two industrial property investments for an aggregate purchase price of $69.5 million and sold one property for $11.3 million. The acquisitions were funded using proceeds from forward-equity settlements, cash on hand and 1031 disposition proceeds.
In December, the company acquired 600-708 E. Vermont Ave. in Anaheim, Calif., for $57 million, or $108 per land square foot. After a short-term leaseback, the company intends to redevelop the 12.1-acre site into a 264,000-square-foot, divisible class-A building. The value-add investment is projected to generate a 6.7 percent unlevered stabilized cash yield on total investment.
Also acquired in December was 11234 Rush St. in South El Monte, Calif., for $12.5 million, or $61 per land square foot, through an off-market transaction. The company intends to redevelop the vacant 4.7-acre land site into a 102,000-square-foot, class-A industrial building, designed to accommodate up to four tenants. T
