|By PR Newswire||
|December 21, 2012 03:54 PM EST||
LOS ANGELES, Dec. 21, 2012 /PRNewswire/ -- Rexford Industrial has acquired a 125,514 square foot multi-tenant industrial park located at 701 Del Norte Boulevard, just off U.S. Highway 101 in Southern California. The property was purchased for $9,500,000 or $75 per square foot.
Built in 2000, the Class-A property offers a wide range of tenant uses and functionality including both dock high and ground level loading, as well as flexible unit sizes – ranging from 1,755 to 9,358 square feet. It is currently 95% leased, with a mix of tenants ranging from light manufacturing to services and distribution.
"Not only is this property ideally located along a major commercial thoroughfare, it offers the flexibility to accommodate such a wide variety of uses. Furthermore, there is a significant opportunity to add value and improve returns," said Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial.
The seller was represented by Paul Farry and Mark Perry of CBRE. The seller had acquired the property via foreclosure in 2001, and instead of refinancing the mortgage, decided to lightly market the property to selective buyers.
About Rexford Industrial
Rexford Industrial is a leading industrial real estate investment firm that acquires, manages and develops all classes of industrial properties located in Southern California, including core, value-add, repositioning and re-development. It is now acquiring more than $500 million of industrial property with its proprietary industrial funds, including Rexford Industrial Fund V REIT. Rexford accomplishes this through its creative and entrepreneurial approach to value creation combined with a conservative, risk-averse investment strategy that is designed to perform well during all phases of the real estate cycle.
For additional information, visit www.rexfordindustrial.com.
SOURCE Rexford Industrial