Rexford Industrial Realty said it acquired two properties in December for a total of $69.5 million and disposed of a third for $11.3 million. The largest of the three transactions was the $57-million acquisition of 600-708 E. Vermont Ave. in Anaheim.
Following a short-term leaseback, Rexford intends to redevelop the 12.1-acre site into a 264,000-square-foot divisible Class A building. The value-add investment is projected to generate a 6.7% unlevered stabilized cash yield on total investment. Also in Orange County, the company divested a multi-tenant property at 3720-3750 W. Warner Ave. in Santa Ana.
In Rexford’s home county of Los Angeles, the company bought 11234 Rush St. in South El Monte for $12.5 million through an off-market transaction. The company intends to redevelop the vacant 4.7-acre land site into a 102,000-square-foot Class A industrial building, designed to accommodate up to four tenants.
