Tag Archive for: West Orange County
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 REPRESENTS WOODWIND COMMERCE PARK, LLC IN THE 20,941 SQUARE-FOOT INDUSTRIAL LEASE IN HUNTINGTON BEACH, CA
Huntington Beach, CA (September 14, 2016) – Voit Real Estate Services, a leading full-service commercial real estate provider serving the Southwestern U.S. market, is pleased to announce the completion of a 20,941 square-foot industrial lease on behalf of Woodwind Commerce Park, LLC at 7612 Woodwind Drive, Huntington Beach, CA. Mike Bouma and Eric Smith with Voit Real Estate Services represented Lessor, and Louis Tomaselli with Jones Lang LaSalle represented Lessee in this transaction.
“We are pleased to strike a deal that benefits both parties; the landlord with a long term national credit tenant that is a leader within their industry and the tenant with a desirable location for which they can continue to grow this segment of business and better serve their employees,” according to Bouma. “This deal represents the strength of the market with multiple parties competing for this Huntington Beach location.”
Nordson Corporation, an Ohio Corporation will occupy the 20,941 square-foot industrial building, which is owned by Woodwind Commerce Park, LLC. Nordson Corporation signed a 10-year lease and will move to the premises in September 2016.
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 40+ year history, the firm has developed, managed and acquired more than 64 million square feet and completed more than $44.8 billion in brokerage transactions encompassing more than 43,000 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.
Another Successful Year for the Bouma Caputo Team
Over $60 million in Sale & Lease consideration in 2015.
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 $6,052,284 SALE OF A 41,454 SQUARE-FOOT INDUSTRIAL BUILDING IN HUNTINGTON BEACH
Huntington Beach, CA (September 23, 2015) – Mike Bouma, Senior Vice President and Paul Caputo, Vice President of Voit Real Estate Services’ Anaheim office successfully directed the $6,052,284 million sale of a 41,454 square-foot industrial warehouse in Huntington Beach, on behalf of the Seller, a real estate partnership. The buyer, a distributor of educational supplies, will use this property for warehousing, distribution, light manufacturing and administrative office use, according to Mike Bouma and Paul Caputo.
“This is a record sale price for a second generation building in the area. It’s also an indication of where prices are headed with the lack of available buildings, high demand to purchase and continued low interest rates,” according to Mr. Caputo.
The property is located at 5422 Argosy Avenue in the desirable North Huntington Beach area. The property is adjacent to Corporate neighbors such as Boeing, Quicksilver, Cambro Mfg., C&D Aerospace, and Cleveland Golf.
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.
Wheel Maker Rolls Into Brea, Sells Surf City HQ
BY Mark Mueller
Zadro Products Snaps Up TSW’s Old Headquarters
TSW Alloy Wheels, a manufacturer of high-end custom wheels, has sold its Huntington Beach headquarters as it gears up for a move to a larger location in Brea.
The privately held company recently completed the sale of 14462 Astronautics Drive, a 62,639-square-foot industrial building near the Huntington Beach operations of Boeing Corp.
An affiliate of another Huntington Beach based manufacturer, Zadro Products Inc., paid about $10 million for the building, according to brokers with the Irvine office of JLL who worked on the deal.
“Orange County is experiencing extremely low vacancy, which is driving up rental rates” and for sale prices, said JLL senior vice president Steve Wagner, who represented TSW Alloy Wheels in the sale.
“With strong demand and very little available product, we were able to secure market leading pricing of $160 per square foot,” he said.
The purchasing affiliate, ZZ Partners LP, was represented by Mike Bouma and Paul Caputo of Voit Real Estate Services. Zadro makes fogless and vanity mirrors and other beauty-related products.
The company currently operates out of a 41,500-square-foot facility on Argosy Avenue that’s listed for sale at $6.3 million, according to CoStar Group Inc. records.
TSW will move its operations to one of three new industrial buildings in Brea recently developed by Newport Beach-based Western Realco.
TSW purchased a 155,000-square-foot building at 3172 Nasa St., near the headquarters of Brea-based Suzuki Motor and the La Floresta mixed-use development, for an estimated $21 million.
It’s the largest of the three new buildings at the development, which totals about 365,000 square feet.
Mega Lease
Irvine-based Sares-Regis Group has found a tenant for a big industrial facility it built in the Riverside County city of Perris.
Gardena-based retailer National Stores Inc. recently signed a 10-year lease for the 579,708-square-foot distribution building. The lease is valued at $26 million, the developer said.
National Stores plans to relocate its regional distribution operations from San Diego to the facility at 3900 Indian Ave., according to Larry Lukanish, senior vice president of Sares-Regis’ commercial development division.
National Stores operates 325 shops in 22 states and Puerto Rico as Fallas Paredes, Fallas Discount stores, Fallas Kids stores and Factory 2U. The merchandiser sells brandname and private-label clothing, along with shoes and home decor.
Sares-Regis is building out 12,600 square feet of the facility as office space for National Stores, Lukanish said.
The developer announced in 2013 that it was starting the project, which sits near the former March Air Force Base. The project is located on 28.8 acres next to the 215 Freeway and is near big distribution facilities used by Whirlpool, Hanesbrands Inc., Home Depot, Lowe’s and Ross Dress for Less.
The new building has 109 dock-high doors and secured parking for 138 trailers, among other features.
Sares-Regis said in 2013 that the project would cost about $40 million.
Vegas Buy
Irvine-based apartment investor Bascom Group LLC has bought another rental complex in Las Vegas, this time for a property that caters to seniors.
The company said it paid a little under $10.4 million for Boulder Palms Senior Apartments, a 182-unit complex on the eastern edge of the city. That’s about $57,000 per unit.
Debt financing for the deal was provided by Irvine-based One West Bank, according to Bascom.
It’s “our eighth acquisition in the Las Vegas Valley in the past [20] months,” Bascom Senior Vice President Lee Nguyen said in a statement. “We are excited to continue our expansion here as the market continues to recover.”
The two-story complex, completed in 1997, covers 4 acres and is near a number of area medical facilities, according to the buyers.
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.
