Rexford Industrial Purchases Avenue 32 in Los Angeles, California
Posted by admin at July 23rd, 2014
Rexford Industrial Realty, Inc., a real estate investment trust with a focus on building a portfolio of industrial properties in Southern California, has moved forward on yet another acquisition. Rexford currently owns interests in 86 properties that feature approximately 9.2 million rentable square feet. The company also manages an additional 20 properties that feature approximately 1.2 million rentable square feet.
Rexford has agreed to purchase the building for $11 million, or $109 per square foot. Avenue 32 is a 100,500 square foot industrial building in the San Fernando Valley submarket of Los Angeles, California. It features a two-tenant setup that is 100 percent leased. The building features a 200 car parking structure and a clear height of 26 feet. It is conveniently located near multiple freeways: the I-5, I-110, SR-2, SR-134 and SR-101.
Avenue 32 is located in the City of Los Angeles, and Burbank and Glendale adjacent in the East San Fernando Valley. San Fernando Valley is the largest submarket for real estate in the City of Los Angeles with a total of 172 million square feet. CBRE reports that the San Fernando Valley submarket has the lowest vacancy rates for industrial properties in the City of Los Angeles. The current vacancy rate in this submarket is set at 1.3 percent. Greater Los Angeles currently holds a vacancy rate of 2.4 percent.