Rexford Industrial Acquires Fully Leased Industrial Property in San Fernando Valley for $30.5 Million
- Sep 22, 2014
Southern California’s industrial market has clearly been improving lately and Rexford Industrial Realty Inc. is also jumping on the bandwagon. The real estate investment trust recently announced the cash-funded acquisition of 9120 Mason Avenue in Chatsworth, CA for a reported fee of $30.5 million. The company specializes in owning and operating industrial properties located in SoCal infill markets.
Located on an 11.82-acre site in Los Angeles County, in the greater San Fernando Valley sub-market, the industrial asset offers coveted features in a property of this type. 9120 Mason Avenue offers 24-26 foot minimum clearance, 61 dock-high positions, a state-of-the-art ESFR fire sprinkler system and a large secured yard.
The 319,348-square-foot facility also offers a great location, including proximity to the 405, I-5, SR-118, and SR-101 freeways, as well as easy access to Burbank Airport and the site is rail-served. The area possesses an excellent industrial profile, with data from CBRE indicating an average vacancy rate of around 1.3 percent at the end of June 2014. The greater San Fernando Valley submarket currently boasts around 172 million square feet of industrial space.
According to Howard Schwimmer and Michael Frankel, co-chief executive officers of Rexford Industrial, the acquisition of 9120 Mason Avenue “further expands the company’s presence in one of our core infill Southern California submarkets and brings Rexford’s total acquisition volume thus far in 2014 to more than $260 million.”The property boasts great tenancy as it is currently fully leased to two occupants through 2020. The last major renovation carried out at the property took place in 1999. Rexford now owns interests in 89 properties totaling around 9.8 million rentable square feet and manages an additional 20 properties that total 1.2 million rentable square feet.