Rexford Industrial Realty pays $194m for two industrial properties

Rexford Industrial Realty has acquired two industrial properties comprising 629,224 square feet of improvements across eight industrial buildings for an aggregate purchase price of $194.4 million.

The first asset is located at 8210–8240 Haskell Ave. in Van Nuys, Calif., within Los Angeles’ San Fernando Valley submarket, and was acquired for $12.4 million or $233 per square foot. The property comprises three vacant industrial buildings containing 53,248 square feet of improvements on 2.3 acres of land located adjacent to Interstate 405 with immediate access to US-101 and Van Nuys Airport. The company intends to execute a value-add repositioning program to modernize and increase functionality of the buildings. The stabilized unlevered cash yield on total investment is projected to start at 5 percent upon lease-up with growth expected thereafter. According to CBRE, the vacancy rate for industrial assets in the 182 million-square-foot San Fernando Valley submarket was 1.4 per