Rexford Industrial Realty has acquired three industrial properties for an aggregate purchase price of $357.2 million.
The sellers were not disclosed.
The company paid $200 million for the asset located at 9223 and 9323 Balboa Ave. and 4285 Ponderosa Ave., in the Central San Diego submarket. The 26.1-acre industrial-zoned covered land site is currently improved with industrial, research and development and office uses. Situated on a prime, high-image location that is ideally positioned as a prospective distribution hub serving greater San Diego County with immediate access to five major freeways, the investment presents the potential for an accretive future redevelopment opportunity. The properties are subject to sale leasebacks that allow the company to harvest current cash flow generating an initial 5.3 percent unlevered cash yield, projected to grow to an aggregate unlevered stabilized cash yield on total investment of 7.4 percent upon redevelopment of a class A ind