Rexford Acquires San Fernando Business Center for $118.1 Million
Barings Divests 592,000-SF Industrial Park
JUNE 07, 2019|CHRIS BUNDY
Rexford Industrial Realty Inc. acquired the San Fernando Business Center, a five building industrial park in San Fernando, California, for $118.1 million, or about $200 per square foot, from Barings Real Estate Advisers.
Totaling 591,660 square feet on 28.7 acres in the East San Fernando Valley submarket of Los Angeles County, the asset was 88% occupied at the time of sale. The properties features 24-foot clear heights, extensive dock-high loading positions and proximity to four freeways.
The buyer reports that it plans to complete cosmetic and functional value-add enhancements to drive in-place, below–market rents to higher rates as existing leases roll.
Darla Longo and Barbara Perreir of CBRE represented both the buyer and the seller in the sale.
Please see CoStar COMPS #4745581 for more information on this transaction.
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Article by CoStar