9400 Santa Fe Springs Highway. Picture courtesy of CommercialEdge
Rexford Industrial Realty Inc. has acquired a 595,304-square-foot industrial property in Los Angeles County for $210 million. CommercialEdge information reveals that the previous proprietor of the totally leased asset is the San Diego County Staff Retirement Affiliation, an entity that bought the warehouse in 2015 for $62.3 million.
Situated at 9400 Santa Fe Springs Highway on 22.4 acres within the Mid-Counties submarket, the power is occupied by two tenants. Rexford described the world as “demonstrating an excessive shortage of comparable measurement and high quality accessible product.”
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In a ready assertion, Rexford Co-CEOs Howard Schwimmer and Michael Frankel referenced the REIT’s $50 million pipeline of further acquisitions beneath contract or accepted provide, in addition to Rexford’s 9 million sq. ft of value-add repositioning and redevelopment tasks.
Rexford’s focus is investing in, working and redeveloping infill industrial properties all through Southern California. Its portfolio at present contains 368 properties totaling about 45.1 million rentable sq. ft. Most just lately, Rexford leased an industrial facility in Orange County to an EV producer.
May very well be higher
The metro Los Angeles economic system will seemingly profit from a latest settlement between the Pacific Maritime Affiliation and the Worldwide Longshore and Warehouse Union, steadily successful again pan-Pacific cargo visitors from the East Coast, in accordance with a second-quarter report from Kidder Mathews.
Leasing offers are sluggish, the report said, with general emptiness creeping as much as 3.3 p.c. However, asking rents are holding regular at a median of $1.89, and lease renewals point out that tenants typically choose the established order.
In Santa Fe Springs, there’s a complete availability of 1.6 p.c on a list of 53.7 million sq. ft and a small quantity of internet destructive absorption year-to-date.
Kidder Mathews is guarded concerning the near-term outlook, indicating that though the port numbers ought to enhance later this yr, absorption tendencies and the amount of business stock level towards a slower tempo of lease transactions.
