REXFORD INDUSTRIAL ACQUIRES FIVE-BUILDING INDUSTRIAL PORTFOLIO
$13.2 Million Acquisition Furthers Rexford’s Rapid Growth in Southern California
Los Angeles, Calif. – NOVEMBER 28, 2007
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has acquired a five-property portfolio comprising 120,749 square feet of industrial buildings located throughout Southern California, valued at approximately $13.2 million. The properties were purchased by Rexford’s Industrial Fund IV (RIF IV), the fourth in a series of successful value-add industrial real estate funds managed by Rexford.
RIF IV – Harbor Warner, LLC – Located at 3720-3750 W. Warner Ave. in Santa Ana, Calif., this 38,570-square-foot, multi-tenant industrial building is comprised of 16 units and is currently 74% occupied. Tenants include Sigmatronix, Groovyhair Products, Fish Heads, Bellas Fashion and Bryan Refridgeration. This property is located at the high-identity corner of Harbor Blvd. and Warner Avenue. Rexford plans to upgrade and renovate the property to facilitate achieving higher market rents, in addition to leasing the three available units.
RIF IV – Grand, LLC – Located at 200-220 South Grand Avenue in Santa Ana, Calif., this nine-unit 27,200-square-foot multi-tenant industrial building is currently 100% occupied. Tenants include C&M Tires & Wheels, Auto Express Insurance, Rojas Printing, Vitalzon, Wheeler Sewing Machines and Just Audio. The project offers industrial showroom space, and is centrally located along a busy thoroughfare in an urban infill market. Rexford plans to reposition the project for more showroom-oriented uses.
RIF IV – Knollwood, LLC – Located at 1255 Knollwood Circle in Anaheim, Calif., this 25,162-square-foot single tenant, free-standing industrial building is currently 100% occupied by IPC Cal Flex, Inc. The building is in an excellent location with a perfectly suited tenant for the space.
RIF IV – Enfield, LLC – Located at 77-700 Enfield Lane in Palm Desert, Calif., this 21,657-square-foot multi-tenant industrial building is currently 63% occupied. Tenants include Cabernet Custom Cabinets, Rexco, Diamond Pools and Hawaiian Interiors. This building boasts moderate office build out, concrete tilt-up construction and an advantageous location. Rexford plans to divide the vacant space to meet smaller tenant demand and move rents upward to current market rates.
RIF IV – Avenida Alvarado, LLC – Located at 42363 Avenida Alvarado in Temecula, Calif., this 8,160-square-foot, two tenant industrial building is currently 50% occupied by Kustom Kountertops. Rexford plans to lease the vacant unit and move rents upward to current market rates.
Jeff Demorest of Daum Commercial Real Estate Services represented both the buyer and the seller, Clifford L. Shinn Trust, in the five-property transaction.
This latest portfolio acquisition is another big achievement in Rexford’s aggressive acquisitions strategy for 2007. “These properties represent highly sought after, high quality in-fill industrial real estate assets that are targeted by Rexford’s aggressive growth strategy throughout Southern California,” said Rexford’s Co-Founder and Managing Partner Howard Schwimmer. “We see great upside potential, particularly in the Orange County assets, to upgrade these properties to Rexford’s institutional standards and rent the value-enhanced space,” he continued.
Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, manufacturing and R&D to flex industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.
About Rexford Industrial
Rexford Industrial LLC (www.rexfordindustrial.com) is a leading industrial real estate firm in Southern California. A well-capitalized private investment company, Rexford invests in all classes and every category of industrial properties. The company combines a uniquely creative, entrepreneurial approach to value creation with a conservative, risk-averse approach to investing that is designed to perform well during all phases of the real estate cycle. Rexford offers brokers unique investment incentives and capitalizes upon an exceptional network of loyal relationships in the industry. With a current portfolio of nearly five million square feet valued at more than $600 million, Rexford is targeting substantial growth through further acquisitions of industrial property. The firm is based in Los Angeles.