Rexford Industrial is growing its holdings in Southern California. According to a fourth quarter earnings announcement from the firm, Rexford acquired a 233,984 square foot industrial property in Irwindale for $84 million, or about $359 per square foot. The property was sold by an entity that shares an address with AEW Capital Management, public property records show.
The property is located at 5000 & 5010 Azusa Canyon Road on a 10.6-acre site. The site includes two buildings that are fully leased.
The property is situated in the San Gabriel Valley near a mix of other industrial and commercial office properties. The larger San Gabriel Valley submarket is home to approximately 161 million square feet of industrial properties with a vacancy rate of just two percent.
“Rexford Industrial’s strong results demonstrate our focus on creating value that delivers both near- and long-term cash flow and NAV growth,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the company. “As we look forward, Rexford remains exceptionally well-positioned to continue executing on our entrepreneurial business model in 2024 and beyond.”
During the fourth quarter of 2023, Rexford completed four investments totaling $314.5 million including 1.1 million square feet of buildings on 92 acres of land. During the full year, the company completed $1.5 billion of investments comprising 4.3 million square feet of buildings on 250 acres of land.
Rexford Industrial invests, operates and redevelops industrial properties in Southern California. Currently, the firm’s portfolio includes 374 properties spanning approximately 46.1 million square feet.
