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Postal Annex Redevelopment Planned

SAN DIEGO—Rexford Industrial Realty has purchased the property for $52 per square foot, and plans to create multiple leaseable spaces.

By David Phillips | Updated on October 27, 2015

SAN DIEGO—Rexford Industrial Realty has acquired the former Main Postal Annex facility in San Diego, located at 2535 Midway Drive, for $19.3 million, or approximately $52 per square foot. The acquisition was completed with borrowings under the company’s line of credit.

“This transaction presents an opportunity to acquire and reposition two prominent industrial buildings in a dense, supply-constrained infill submarket in Central San Diego,” stated Howard Schwimmer and Michael Frankel, co-CEOs of the company. “The acquisition represents an exciting opportunity to create significant value by capitalizing upon a favorable cost basis to reposition a single tenant facility into an industrial complex delivering high-demand industrial spaces in an under-served market. This investment, which brings our year to date acquisition volume to nearly $200 million, is indicative of our value-driven investment approach and ability to source accretive opportunities in our target Southern California infill markets.”

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