Rexford Industrial Realty continues to vacuum up SoCal industrial properties, expanding its acquisition binge this year to $1.6B worth of properties, with another $500M of off-market or lightly marketed transactions looming in its deal pipeline for the rest of the year.
The LA-based REIT this week announced another seven deals for industrial properties in SoCal totaling $660.9M, including a $472M deal to buy a 1.06 M SF complex of six buildings on a 49.7-acre site that straddles Archibald and Limonite avenues in Eastvale in the Inland Empire.
The newly built Eastvale industrial complex, which traded for about $445 per square foot, is 71% leased and includes warehouses ranging in size from 48K SF to 501,649 SF. Vacancies in the Inland Empire market are microscopic at 0.01%, the tightest market in the US.
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