[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Mostly sunny
Mostly sunny
81°F
 
Calendar
Today in
S.C.V. History
October 19
1945 - Acton Hotel, est. 1890, burns down; arson is suspected [story]


Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, recently announced the acquisition of two industrial properties totaling $12.2 million. The acquisitions were funded using cash on hand.

“These acquisitions demonstrate our ability to methodically source attractive off-market investment opportunities in Southern California’s highly competitive and supply-constrained infill industrial markets,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “Ash Street is a well-located highly functional industrial property, with attractive in-place cashflows in the North San Diego County submarket. Rye Canyon Road provides a value-add opportunity through repositioning into a two-tenant property. We believe our research-driven originations platform and deep investment pipeline will continue providing us attractive opportunities to grow Rexford’s portfolio of high-quality assets and deliver long-term value to our shareholders.”

The Company acquired 25413 Rye Canyon Road, located in Santa Clarita within the San Fernando Valley submarket, for $5.5 million, or $115 per square foot. The property contains 48,075 square feet on 2.60 acres of land, and is currently 40 percent leased. While retaining the current tenant in-place, the Company intends to demise the property into a two-tenant building and complete value-add renovations. According to CBRE, the vacancy rate in the 174 million square foot San Fernando Valley submarket was 1.6% at the end of the fourth quarter 2018.

The Company also acquired 2455 Ash Street, located in Vista within the North San Diego County submarket, for $6.7 million, or $157 per square foot. The property contains 42,508 square feet on 3.45 acres of land, and is 100% leased to a single tenant. The building features dock-high loading, 22-foot clearance and a private yard. The Company intends to harvest cash flow from an existing long-term lease and will perform minor upgrades adding value upon re-leasing. According to CBRE, the vacancy rate in the 53 million square foot San Diego County submarket was 5.5% at the end of the fourth quarter 2018.

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 181 properties with approximately 22.1 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet. For additional information, visit www.rexfordindustrial.com.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1945 - Acton Hotel, est. 1890, burns down; arson is suspected [story]
The National Weather Service on Friday afternoon issued a high wind watch for the Santa Clarita Valley from Saturday evening through Sunday morning.
High Wind Watch Saturday Night to Sunday Morning
The Los Angeles County Board of Supervisors has published the agenda for their Tuesday, Oct. 22 meeting starting at 1 p.m.
Oct. 22 Meeting Agenda – LA County Supervisors
The next regular meeting of the North Los Angeles County Transportation Coalition Board of Directors is set for Monday, October 21, at 1 p.m.
Oct. 21: North Los Angeles County Transportation Coalition Regular Meeting
Tickets are now on sale for the Youth Project's 13th Annual Hold ‘Em Not Hassle ‘Em fundraising poker tournament, to be held at the Valencia Country Club on Saturday, November 2, starting at 5 p.m.
Nov. 2: Youth Project ‘Hold ‘Em Not Hassle ‘Em Poker Tourney
Author Michele Singer Evans will sign her new book "Island of Zarada: The Larimar Quest" at Barnes & Noble in Valencia on Sunday, October 20 at 2 p.m., and the public is invited to join her.
Oct. 20: Michele Singer Evans Book Signing at Barnes & Noble
Construction has commenced at the new Orchard Medical Center on Orchard Village Road in Valencia, CBRE announced.
Walls Tilted Up for New Orchard Medical Center
Downed power lines in Newhall sparked a small fire and left more than 1,880 people without electricity, between Lyons Avenue and the southern edge of the Newhall Pass, Friday afternoon.
Downed Power Lines Spark Small Fire, Power Outage in Newhall
The Academy of Motion Picture Arts and Sciences honored 16 student winners from colleges and universities around the world at the 46th Student Academy Awards ceremony, held at the Samuel Goldwyn Theater in Beverly Hills Thursday night.
AMPAS Honors Winners of 2019 Student Academy Awards
Local sheriff’s detectives, investigating the break-in last month of a home in Stevenson Ranch, tracked their suspect to Bakersfield where they arrested one man, seizing guns and drugs in the operation.
SCV Detectives Track Burglary Suspect to Bakersfield, Seize Guns, Drugs
The Los Angeles County Department of Parks and Recreation’s William S. Hart Regional Park, in cooperation with the Friends of Hart Park, will present the Hart Bookstore & Collectors Flea Market at the Newhall park on Saturday, October 26, from 9 a.m. to 3 p.m.
Oct. 26: Collectors’ Flea Market at Hart Park
A Val Verde citizens’ group that sued the county over its decision to grant Chiquita Canyon Landfill an operating permit saw its case dismissed in court.
Court Tosses Val Verde Group’s Lawsuit Over Chiquita Canyon Landfill
Emergency road work to repair a water-damaged stretch of Newhall Ranch Road wrapped up Thursday evening about 7:45, city of Santa Clarita spokesperson Carrie Lujan said Friday morning.
Newhall Ranch Road Reopened After Water Main Break, Repairs
Saugus Union School District officials discussed how they once again increased scores on the statewide assessment testing over the previous year, and also how to close achievement gaps found in certain students.
Saugus School District Sees Improvement in State Test Scores
California is expected to experience a drier than average winter, according to an outlook published by federal climate experts Thursday.
Feds Predict Warmer, Drier Winter 2019-2020 for California
Amid a revived legal challenge over the storage of nuclear waste and public doubts over the safety of the decommissioning process of the San Onofre Nuclear Generating Station, the California Coastal Commission unanimously approved demolition Thursday of the iconic Southern California nuclear power plant.
San Onofre Nuclear Power Plant OK’d for Demolition
Marking the 30th anniversary of the deadly Loma Prieta earthquake and its devastation to buildings, bridges, freeways and lives in the San Francisco Bay Area, California officials on Thursday launched a long-awaited statewide warning system that will send cellphone alerts before earthquakes.
California Gets Earthquake Warning System 30 Years After Loma Prieta
1876 - Southern Pacific begins subdividing town of Newhall (original location at Bouquet Junction) [story]
Campton store
New Medicare Plan Finder tool helps you pick your Medicare plan online.
Pick Your Medicare Plan Online | Commentary by Greg Dill
David Kuck, who was hired as head coach by the Canyons Aquatic Club two years ago, is now suing the swim club for wrongful termination, alleging he was fired for blowing the whistle on crimes implicating the late child sex crimes suspect Jeremy Anderson.
Former Coach Sues Canyons Aquatic for Wrongful Termination
Preliminary, university-wide data shared by California State University (CSU) Chancellor Timothy P. White indicated that four- and six-year graduation rates for first-time students and two- and four-year rates for community college transfer students continue to increase and have reached all-time highs.
Study Indicates Grad Rates for First-Time, Transfer Students at All-Time Highs
Lancaster Sheriff's Station detectives in collaboration with the Lancaster Appreciation Program (LANCAP) arrested 4 suspects for armed robbery.
Suspects in Alleged Robberies from Mojave to SCV Arrested
Rep. Elijah Cummings, D-Maryland, who was serving as chair of the House Committee on Oversight and Reform, died Thursday morning. He was 68.
Hill: Cummings ‘Friend, Adviser, Leader’
SIMI VALLEY — College of the Canyons won its second tournament of the week on Wednesday, this time narrowly topping runner-up Santa Barbara City College by three strokes to remain undefeated and extend its conference win streak to 16 events.
Lady Cougars Narrowly Top Santa Barbara City College
%d bloggers like this: