Warehouses near the San Fernando Valley’s airports have become a hot commodity, as underscored by last month’s deal in which Brentwood-based Rexford Industrial Realty Inc. acquired a massive industrial portfolio at the Van Nuys Airport Industrial Center for nearly $155 million.The Valley investment is comprised of 18 separate buildings totaling 426,466 square feet on 22.7 acres.
It was acquired for $140.6 million, or $330 per square foot, but the deal also included a pair of fully leased industrial outside storage land parcels totaling 4.14 acres that was purchased for $14 million.At the time of the purchase, the properties were just shy of 100 percent leased.
It was a cash-on-hand deal in an off-market transaction.“This investment demonstrates Rexford’s sharp-shooter advantage by leveraging our proprietary originations platform to acquire an 18-building portfolio of irreplaceable industrial properties through an off-market transaction in one of the nation’s lowest-supply, highest-demand submarkets,” Rexford Co-Chief Executives Howard Schwimmer and Michael Frankel said in a statement.“Located adjacent to the Van Nuys Airport in the San Fernando Valley submarket, Van Nuys Airport Industrial Center provides exceptional last mile and e-commerce functionality servicing the San Fernando Valley and West Los Angeles markets, one of the largest concentrations of population and consumption in the nation. As we look forward, we remain very pleased with the opportunities before us to drive accretive internal and external growth designed to enhance shareholder value.”Rexford noted the properties are ideally suited to serve logistics tenants with individual leasable spaces up to 42,000 square feet with premium functionality including dock-high loading, modern clear heights and secured truck storage yards.
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