An industrial property located in Ontario, California was purchased by Rexford Industrial Realty, Inc, a real estate investment trust, for $13 million.
"With this transaction, we are contributing high-demand, institutional-quality product to our portfolio, with an opportunity to enhance cash flow and value by increasing below market rents as leases roll," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial Realty, Inc.
According to their press release in Business Wire, 601-605 S. Milliken Ave. is comprised of three buildings that have 128,322 square feet on 7.32 acres of land in Ontario, California. The buildings are situated directly adjacent to Ontario Airport Business Park and one block east of Dupont Business Center, which are both Rexford-owned projects. At present, the property is 96 percent leased to multiple tenants.
"We believe this property, which is immediately adjacent to and positioned near other Rexford-owned projects, extends the Company's operational efficiency and regional competitive advantage, particularly as supply remains scarce and is diminishing while demand continues to accelerate within Rexford's target Southern California submarkets," added Schwimmer and Frankel.
The Company is looking forward to implement a value-add modernization and capital improvement plan that focuses on functional space enhancements as below-market leases roll in order to take full advantage of rents and value over time.
Rexford Industrial Realty, Inc is a leading Southern California focused industrial real estate investment firm, established and managed by principals with a distinguished track record of success. The principals have created value over the past 30 years through the acquisition, repositioning and/or disposition of more than 35 million square feet of industrial property throughout Southern California. The company's expertise and market knowledge cover all industrial real estate asset classes including warehouse/distribution light manufacturing, R&D and flex industrial. They target both new and older vintage properties, single and multi-tenant projects and invest in every category of industrial property that include Core, Core Plus, Value Add, and First Mortgages tied to Industrial Property.
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