The portfolio has four single-tenant industrial properties with a combined 632,497 square feet on more than 30 acres.
The properties are newly constructed and have high clearances, dock-high loading and a secured yard for container storage.
Rexford said the portfolio was 63% leased at the time of the deal. The company plans to lease the vacant space.
The portfolio is comprised of a 139,000-square-foot site at 4039 State St. in Montclair; a 236,912-square-foot site at 10156 Live Oak Ave. in Fontana; a 100,000-square-foot site at 10694 Tamarind Ave. in Fontana; and a 156,585-square-foot site at 2520 W. Baseline Road in Rialto.
“The acquisition of this Class A industrial portfolio adds state-of-the-art, high-quality industrial assets, ideally suited for logistics and ecommerce uses in the highly coveted Inland Empire West submarket,” Howard Schwimmer and Michael Frankel, co-chief executives of Rexford, said in a statement.
The Inland Empire West submarket is made up of 312 million square feet of industrial space, according to CBRE Group Inc. data. The vacancy rate in the area was a mere 2.5% at the end of the third quarter.
Nationwide, industrial has fared better than other asset types, with 41 consecutive quarters of positive net absorption, according to CBRE data.
The group has predicted that the growth of ecommerce will necessitate an additional 2 billion square feet of industrial space nationwide in the next decade.
Rexford Industrial has made more than $1 billion in acquisitions so far this year and now owns 240 properties and manages an additional 20 properties. The company is focused on industrial properties in Southern California.
“Rexford’s differentiated strategy and proprietary access to the nation’s strongest industrial market enable us to scale our business through accretive investments. Our robust internal and external growth fueled by our fortress-like balance sheet positions Rexford to generate superior shareholder returns,” Schwimmer and Frankel said in a statement.
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