Rexford Acquires Avenue Kearny Buildings for $11.5 Million
The real estate investment trust has acquired Avenue Kearny – an industrial park totaling 138,980 square feet for $11.5 million. This sum breaks down to $83 per square foot. The industrial park is located in Valencia.
Rexford Industrial Realty Inc. primarily focuses on value-add properties within infill submarkets in Southern California. Speaking to this, co-CEOs Howard Schwimmer and Michael Frankel stated the following: “Our acquisition of Avenue Kearny is the latest example of Rexford’s ability to source off-market value-add acquisitions of well-located industrial properties in infill submarkets such as Santa Clarita, where there is high demand and a distinct lack of supply of buildings over 50,000 square feet.”
Avenue Kearny is located in the Valencia Industrial Center. Its setup includes two free-standing buildings on two land parcels which total six acres. At this time, both buildings are fully leased to a single tenant. Rexford has future plans for the site; aesthetic and functionality improvements will enable the company to command higher rents if the current tenant renews their lease or a new tenant decides to occupy the space. For commercial real estate north hollywood contact DMC Real Estate, or for commercial real estate studio city.