Updated Dec 4, 2024
Rexford Industrial Realty Acquires Former Miller Brewing Plant In Irwindale For $120M
15801 East 1st Street
$120,000,000
$120/SF
Building Size
993,142 SF
Asset Type
Development Site
Closing
Oct 27, 2023
About this deal
AI
Rexford Industrial Realty Inc. has acquired the former Miller brewing plant in Irwindale, California, for a total of $120 million. The facility, spanning 993,142 square feet, has been leased to City Brewing Co. The transaction also includes a $125 million loan issued by Rexford, secured by an adjacent 150-acre industrial development site.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $120,000,000
- Square Footage: 993,142
- Price per Square Foot: $121
- Address: 15801 East 1st Street, Irwindale
- Market: Irwindale
Rexford Industrial Realty Inc., represented by Michael Frankel, successfully completed the acquisition of the former Miller brewing plant. The deal not only includes the facility but also encompasses a significant loan secured by a nearby industrial development site. This strategic move by Rexford indicates their strong focus on expanding their industrial real estate portfolio in Irwindale, California.
Baldwin Park Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93