Rexford Industrial pays $46m for three industrial properties in Southern California

Rexford Industrial Realty announced three industrial property investments in Southern California for an aggregate purchase price of $46.2 million. The acquisitions were funded using cash on hand.

In July and August, through off-market transactions, the company acquired:

2500 Thompson St., Long Beach, located in the Los Angeles – South Bay submarket, for $20.3 million, or $115 per square foot or $76 per land square foot. The 6.1 acre site encompasses three buildings totaling 174,691 square feet leased to a single tenant at rents estimated to be 40 percent below current market rates. The investment generates an initial unlevered cash yield of 5.3 percent. 422 Rosecrans Ave., Gardena, located in the Los Angeles – South Bay submarket, for $2.9 million, or $152 per land square foot. The 0.4-acre site adds to an immediately adjacent in-process Rexford Industrial redevelopment site and completes the assemblage of 6.3 total acres of land in the high-demand S