$26.9 Million Industrial Property Sold In Ontario CA
Ontario, CA – Rexford Industrial Realty, Inc. (NYSE: REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, announced the acquisition of an Ontario industrial property for $26.9 million. The transaction was announced as part of a three recent propery purchases in Southern California.
The Company acquired 3002-3072 Inland Empire Blvd., located in Ontario within the Inland Empire West submarket, for $26.9 million, or approximately $123 per square foot. The four multi-tenant industrial buildings contain 218,407 square feet on 10.82 acres and are 100% leased to nine tenants.
The property has rare small- to mid-sized dock-high units and modern functionality including 24-foot warehouse clearance. The repair of substantial deferred maintenance should allow rents that are 20% below market to achieve market rates as in-place leases roll. The property features significant frontage on the I-10 Freeway and is located on a high-identity street with close proximity to Ontario Airport. According to CBRE, the vacancy rate in the 281 million square foot Inland Empire West submarket was 2.1% at the end of the first quarter 2017.
“We are very pleased with the acquisition of these three prime infill properties located within our core Southern California submarkets,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “The acquisitions leveraged our on- and off-market transaction sourcing and provide attractive opportunities to capture market rent upside with the implementation of value-add functional improvements and deferred maintenance repairs upon lease expirations. Our acquisition pipeline of quality, infill investment opportunities remains robust as we execute our internal and external growth strategies to increase cash flow and long-term value for our shareholders.”
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 141 properties with approximately 16.5 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.