Rexford Industrial Realty announced on Wednesday that it has acquired two properties in Orange and Los Angeles counties for a total of $143 million. The company also completed three property disposals, totaling $27 million.
In the North Orange County submarket, Rexford purchased 1901 E Rosslynn Ave. in Fullerton for $94.3 million at a rate of $338 per square foot. This 12-acre site includes a single-tenant industrial building with 278,572 square feet of space featuring high clear height and additional land for outside storage and trailer parking. The tenant is well-established within the area.
The REIT also acquired 16203-16233 Arrow Hwy in Irwindale through an off-market transaction at a cost of $48.5 million or $360 per square foot.The six-acre site features four newly developed Class-A industrial buildings with warehouse clear heights reaching up to 30 feet and dock-high loading capabilities.
According to co-CEOs Michael Frankel and Howard Schwimmer, “Our current investment activity demonstrates Rexford Industrial’s strategic approach to capital allocation which will lead to significant value creation for our stakeholders.”
