Rexford Industrial Realty said it had acquired 5000 & 5010 Azusa Canyon Rd., Irwindale, located in the LA San Gabriel Valley submarket, through an off-market transaction for $84 million or $359 per square foot. The seller was not disclosed. The deal was announced this week along with the REIT’s fourth-quarter and full-year 2023 results, and was completed earlier this year.
The aggregate 10.6-acre site features two 100% leased Class A single-tenant buildings, totaling 233,984 square feet. The investment generates an initial unlevered cash yield of 5.4%, according to Rexford.
Citing CBRE data, Rexford said the vacancy rate in the 161-million-square-foot LA – San Gabriel Valley submarket was 2.0% at the end of Q4 2023.
