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Avenue Kearney property acquired for $11.5 million

Posted: July 30, 2014 2:00 a.m.
Updated: July 30, 2014 2:00 a.m.
 

A real estate investment trust announced Tuesday that it has acquired an industrial park on Avenue Kearny in Santa Clarita for $11.5 million.

Rexford Industrial Realty Inc. purchased the 138,980 square foot property on Avenue Kearny in the Valencia Industrial Center.

The $11.5 million price tag amounts to $83 per square foot, the company announced.

The property has two free-standing buildings on it and is currently 100 percent leased to a single tenant.

The buildings, situated on two land parcels, totals six acres.

“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,” said Howard Schwimmer and Michael Frankel, co-CEO’s for Redford in a statement to the press.

Future plans for the property include upgrades with “overall aesthetic improvements and functional enhancements” – designed to attract higher future rents.

The West Los Angeles investment company focuses on industrial properties, which they both own and operate.

Rexford Industrial reports that it has 88 properties with approximately 9.6 million rentable square feet.

The firm also manages an additional 20 properties with approximately 1.2 million rentable square feet.

 

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