Rexford Industrial Realty Spends $141 Mil on Ontario Biz Park05.31.2017 SoCal-based Rexford Industrial Realty Inc recently closed two industrial transactions, an acquisition and a disposition, totaling over $181 mil. SoCal-based Rexford Industrial Realty Inc recently closed two industrial transactions, an acquisition and a disposition, totaling over $181 mil. The larger deal was the purchase of Safari Business Center, a 1.14 msf project in Ontario, for $141.2 mil ($124/sf). Rexford also sold a 373.7k sf property in central San Diego County for $40.1 mil ($107/sf). Proceeds from the disposition were reinvested into the new acquisition through a 1031 exchange with the balance of the purchase funded utilizing the company's line of credit.
CBRE’s Darla Longo, Barbara Emmons Perrier, Rebecca Perlmutter Finkel and Michael Kendall represented the seller, Los Angeles-based ARA | American Realty Advisors. Jeff Bellitti and Mac Hewett of Jones Lang LaSalle are the leasing brokers on the park and assisted CBRE in the sale. According to CBRE, the vacancy rate in the 281 msf Inland Empire West submarket was 2.1% at the end of the first quarter, 2017. View Source: http://www.rentv.com/content/homepage/mainnews/news/22694 |