Rexford Industrial Realty recently announced the acquisition of two properties in December, totaling $69.5 million, and the sale of a third property for $11.3 million. The largest transaction was the purchase of 600-708 E. Vermont Ave., located in Anaheim, for $57 million.
After a short-term leaseback period, Rexford plans to redevelop the 12.1-acre site into a Class A building with 264,000 square feet that can be divided into multiple units. This value-add investment is expected to yield an unlevered stabilized cash return of 6.7%. In addition to this project in Orange County, Rexford also sold a multi-tenant property at 3720-3750 W.Warner Ave.in Santa Ana.
In its home county of Los Angeles,Rexford acquired another property through an off-market deal:11234 Rush St.in South El Monte for$12 .5million.The company intends to develop this vacant4 .7-acre landintoa102 ,000-square-footClassA industrialbuildingthatcanaccommodateupto four tenants.This strategic move further expands Rexford’s presence and portfolio within Southern California’s thriving industrial market.
The news about these transactions was first reported by Connect CRE , highlighting Rexford Industrial Realty’s continued success as oneoftheleadingplayersintheindustrialrealestatemarket.Throughstrategicacquisitionsanddispositions,Rexfordinvestsinhigh-potentialpropertiesandmaximizestheirvalueforinvestorswhilecontributingtothegrowthoflocalcommunities.Withthese recent developments,RexfordsolidifiesitspositionasapowerhouseinSouthernCalifornia’scommercialreal estatemarket.
