Tag Archive for: Garden Grove Industrial Building
Rexford Industrial Announces Completion Of 317,000 SF Of Value-Add Repositioning And Lease-Up Plus 40,473 SF Of Acquisitions
LOS ANGELES, Oct. 12, 2017 /PRNewswire/ — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the completion of value-add repositioning and lease-up at two properties, 3880 W. Valley Boulevard and 12131 Western Avenue. Additionally, the Company acquired two industrial properties for $7.4 million. The acquisitions were funded using cash on hand.
“We are pleased to announce the lease-up and completion of value add repositioning of approximately 317,000 square feet, as we continue to leverage Rexford’s ability to create value through repositioning as we capitalize on the unique supply-demand dynamics of the infill Southern California industrial market,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “These two projects achieved attractive, above-market stabilized yields and are a testament to the quality and hard work of the Rexford team. In addition, Rexford recently closed $7.4 million of incremental acquisition activity, which brought our year-to-date total investments to over $534 million. We continue to see favorable opportunities to execute our internal and external growth strategies to drive cash flow and shareholder value.”
The Company recently completed repositioning and lease-up of 3880 W. Valley Boulevard, located in Pomona in the San Gabriel Valley submarket, a single-tenant 108,500 square foot free-standing building with excess land for container storage. After the previous tenant vacated, Rexford completed extensive renovations including a new building façade, renovation of office areas, 19 new dock-high loading positions and ESFR fire sprinklers. In August 2017, the Company signed a five-year triple net lease to a luxury high-end car company which commenced in September 2017. Rexford achieved a 6.9% unlevered cash yield on total investment based upon the income from the initial year of the lease, which also comprises annual rental rate increases throughout the term of the lease. The tenant was represented by Douglas Sharpe with NAI Capital, and Rexford was represented by Robin Dodson, Erik Larson, and Christopher Tolles with Cushman & Wakefield.
Additionally, Rexford completed repositioning and lease-up of 12131 Western Avenue in Garden Grove in the Orange County submarket, a single-tenant free standing cross-dock building containing 207,953 square feet. After the previous tenant vacated, Rexford completed a full building renovation including a new two-story lobby, modernization of office areas and new ESFR fire sprinklers. In October, the Company signed a 10-year triple net lease with Southland Industries, a national engineering firm, which is expected to commence at year end. Rexford achieved a 5.9% unlevered cash yield on total investment based upon the income from the initial year of the lease, which comprises 3% annual rental rate increases through the term of the lease. The tenant was represented by Matt Wiley of Savills Studley, and Rexford was represented by Clyde Stauff and Michael Hartel with Colliers and Mike Bouma with Voit Real Estate Services.
In September, in an off-market transaction, the Company acquired 1825 S. Soto Street, located in the Los Angeles – Central submarket for $3.5 million, or approximately $139 per square foot. The property consists of 25,040 square feet on 1.03 acres and is fully leased at substantially below market rates to a publicly traded company. The building has 26′ clear heights and a secured yard. According to CBRE, the vacancy rate in the 286 million square foot Central Los Angeles submarket was 1.6% at the end of the third quarter 2017.
In September, Rexford also acquired 19402 S. Susana Road in Rancho Dominguez, located in the Los Angeles – South Bay submarket for $3.9 million, or approximately $255 per square foot. The 15,433 square foot industrial building is situated with excess paved land on 1.69 acres and is fully leased to one tenant. According to CBRE, the vacancy rate in the 221 million square foot South Bay submarket was 0.8% at the end of the third quarter 2017.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 146 properties with approximately 18.0 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.
Contact:
Investor Relations:
Stephen Swett
424 256 2153 ext. 401
[email protected]
SOURCE Rexford Industrial Realty, Inc.
Related Links
https://www.rexfordindustrial.com
VOIT REAL ESTATE SERVICES DIRECTS THE $7,125,000 SALE OF A 40,840 SQUARE-FOOT INDUSTRIAL PROPERTY IN GARDEN GROVE
Garden Grove, CA., (September 14, 2017) – Mike Bouma, Senior Vice President, and Eric Smith, Senior Associate, of Voit Real Estate Services’ Anaheim office successfully directed the $7,125,000 million sale of a 40,840 square-foot industrial facility in Garden Grove, on behalf of the seller, The Realty Associates Fund X, L.P., based out of Boston, MA. The buyer, Exelon Realty LLC, a privately owned real estate company based out of Encino, CA, was also represented by Mike Bouma and Eric Smith of Voit Real Estate Services.
“Strong market fundamentals in the Orange County Industrial market, a credit tenant, an excellent Garden Grove location and a long tenancy of similar uses made this property very attractive,” according to Bouma.
The property is located at 7142 Chapman Avenue and 12031/51 Industry Street in Garden Grove.
About Voit Real Estate Services
Voit Real Estate Services is a privately held, broker owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its 45+ year history, the firm has developed, managed and acquired more than 64 million square feet, managed $1.4 billion in construction projects and completed in excess of $46.5 billion in brokerage transactions encompassing more than 44,500 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward looking strategies that create value for a wide range of assets and portfolios. Further information is available at www.voitco.com.
12472 Edison Way: King Shocks taking over Isuzu’s Garden Grove Facility
By Mark Mueller | June 6, 2016
Garden Grove HQ
King Shocks, a Garden Grove-based maker of shock absorbers and other automotive products, has bought an industrial property in its hometown for a new, larger headquarters.
The company recently closed on the purchase of 12472 Edison Way, a 55,576-square-foot industrial facility about half a mile north of the Garden Grove (22) Freeway near Lampson Avenue.
An affiliate of Irvine-based LBA Realty sold the building for a little more than $9.4 million, or $170 per square foot. LBA acquired the property in 2012 as part of a reported $144 million portfolio deal of local industrial properties previously owned by Kilroy Realty.
The latest sale was brokered by Voit Real Estate’s Mike Bouma, Paul Caputo and Eric Smith.
The property previously served as an Isuzu Motor Co. research and development facility, housing offices, a fuel storage room, and a car wash for the automotive company.
The facilities should fit well for King Shocks, a manufacturer and servicer of custom-made automotive shock absorbers, as well as performance racing products for utility vehicles and professional racing.
“There is around a 2% vacancy rate in the area and it took almost a year to find the right building for this group,” Voit’s Caputo said in a statement.
King Shocks had been leasing a 17,500-square-foot headquarters facility on Joy Street, according to brokerage data.
VOIT REAL ESTATE SERVICES DIRECTS THE $10,528,000 SALE OF A 66,000 SQUARE-FOOT INDUSTRIAL BUILDING PROPERTY IN GARDEN GROVE, CA
Garden Grove, CA (November 1, 2015) – Mike Bouma, Senior Vice President and Paul Caputo, Vice President, of Voit Real Estate Services’ Anaheim office successfully directed the $10,528,000 million sale of a 66,000 square-foot industrial warehouse in Garden Grove, on behalf of the buyer, The Smith Family Trust. The buyer, a distributor of educational products, will use this property to expand and consolidate the operations of their business, Teacher Created Resources, according to Bouma. The brokerage team successfully executed a plan where they were able to locate a new facility on behalf of the buyer, after which they listed and sold their two existing building and successfully executed a complex multi-property exchange. The brokerage team also coordinated a team of professionals to assist with the transaction and relocation, including the space planner/architect, racking consultant, and exchange accommodator.
The property is located at 12621 Western Avenue in Garden Grove, CA within the West Orange County Industrial market place.
About Voit Real Estate Services
Voit Real Estate Services is an 11 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients’ needs. Combining more than 40 years of expertise in brokerage, investment advisory, financial analysis, market research, real estate management and tenant advisory, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 64 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $42.5 billion in brokerage transaction volume. Further information is available at www.voitco.com.
VOIT REAL ESTATE SERVICES DIRECTS THE SALE OF A 77,500 SQUARE-FOOT INDUSTRIAL PROPERTY IN ORANGE COUNTY
Garden Grove, CA (2/17/15) – Mike Bouma, Paul Caputo, and Eric Smith of Voit Real Estate Services’ Anaheim office successfully directed the $9,245,000.00 sale of a 77,500 square-foot industrial warehouse located at 10781 Forbes Avenue in Garden Grove, CA, on behalf of the seller, Paskin 2003 Trust. The buyer was Latif and Qudsia Mahjoob, who were represented by Jason Abboud of Lakeside Realty, according to Caputo, a Vice President in Voit’s Anaheim office.
“There is definitely a shortage of quality buildings for sale in most Southern California markets with end users expanding further out from their current location to find the right building. As a great example, the last two users we sold larger buildings to in this area migrated into Orange County from the Los Angeles area. ” noted Caputo.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, real estate management and tenant advisory, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 53 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
