Rexford Industrial Realty has recently announced the acquisition of two Class A single-tenant buildings located in Irwindale, within the highly desirable LA San Gabriel Valley submarket. The off-market transaction was completed earlier this year for a total of $84 million or $359 per square foot, with the seller remaining undisclosed. This strategic purchase was revealed alongside Rexford’s fourth-quarter and full-year 2023 results.
The site spans over 10.6 acres and boasts two fully leased buildings totaling 233,984 square feet. According to Rexford, this investment yields an initial unlevered cash yield of 5.4%. CBRE data shows that as of Q4 2023, the vacancy rate in the LA – San Gabriel Valley submarket stood at just 2%, making it a low-vacancy area with strong potential for growth.
This latest acquisition is yet another example of Rexford’s successful expansion strategy in high-demand markets such as Irwindale and highlights their continued commitment to delivering value to investors through smart investments like these.
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