Rexford Industrial Realty Acquires Santa Clarita Industrial Property For $58.5M
SOLD
$58,500,000
California
See Similar DealsIndustrial214,000 SF
Sold 02/15/2022
SOLD
Rexford Industrial Realty Acquires Santa Clarita Industrial Property For $58.5M
24903 Avenue Kearny, Valencia, California 91355, United States
See Similar DealsIndustrial214,000 SF
Sold 02/15/2022
Summary
CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$273
Total Square Footage:214,000 SF
Transaction Type:Sale
Rexford Industrial Realty has acquired an industrial property located at 24903 Avenue Kearny in Santa Clarita. The property spans 214,000 square feet and was sold for a total of $58,500,000. With a price per square foot of $273, this transaction highlights the strong demand for industrial assets in the Santa Clarita market.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $58,500,000
- Address: 24903 Avenue Kearny, Santa Clarita
- Market: Santa Clarita
- Buyer: Rexford Industrial Realty - Howard Schwimmer & Michael Frankel
- Seller: Dedeaux Properties & Stockbridge Capital Partners - Terry Fancher & Sol Raso
This transaction was facilitated by Howard Schwimmer and Michael Frankel, representing Rexford Industrial Realty. On the other side, Terry Fancher and Sol Raso acted on behalf of the sellers, Dedeaux Properties and Stockbridge Capital Partners. With the successful acquisition of this industrial property, Rexford Industrial Realty continues to strengthen its portfolio in the Santa Clarita market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,120,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$207,838.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$277,319.85
Annual Debt Service$3,327,838.14
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