Rexford Industrial, the Southern California-based industrial real estate firm, announced this week that it had purchased a nine-property industrial portfolio for $88.5 million, or approximately $108 per square foot, from Westcore Properties. The transaction was financed in part by a $48.5 million loan from JPMorgan Chase & Co., according to a Los Angeles Business Journal article. The remainder of the purchase price was financed by an existing line of credit.
"We are pleased to announce the acquisition of this high quality portfolio comprised of nine industrial properties in class "A" locations within our target Southern California infill markets," said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial Realty, Inc. "The properties are strategically located within Los Angeles County, Orange County and San Diego County with convenient access to key regional, interstate, rail, and airport infrastructure to support local and regional distribution. The portfolio is currently 87% occupied. We plan to execute on a range of opportunities to drive occupancy while enhancing functionality, cash flow and value through strategic repositioning."
Eight of the nine portfolio properties, located across Southern California, are 96% leased in aggregate. The remaining property is 40% leased, with an immediate value-add opportunity to reposition the property in order to deliver a high-demand product capable of achieving higher rents. Included in the portfolio are a 60,800-square-foot building at 9855 Distribution Ave.; a 47,666-square-foot building at 9755 Distribution Ave. in the Miramar area; and three buildings totaling 230,250 square feet at 9340, 9404 and 9455 Cabot Drive in the Miramar area.
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