Rexford Industrial Realty Acquires Three Southern California Industrial Properties For $46.2M
2500 Thompson Street, 422 West Rosecrans Avenue & 14650 Hoover Street
$46,200,000
$52/SF
Building Size
874,110 SF
Asset Type
Industrial
Closing
Sep 6, 2023
AI
Rexford Industrial Realty, Inc has acquired three Southern California industrial properties for $46.2 million. The properties are located at 2500 Thompson Street, 422 Rosecrans Avenue, and 14650 Hoover Street, with a total area of 291,370 square feet. These properties are situated in Long Beach, Gardena, and Westminster, respectively.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $46,200,000
- Acres: 9.4
- Market: Long Beach, Gardena, and Westminster
The buyers involved in this transaction are Howard Schwimmer and Michael Frankel, the Co-CEOs of Rexford Industrial Realty, Inc. The acquisition was made using available cash, showcasing the company's strategic approach to capital allocation in the competitive Southern California industrial market.
Players
Long Beach Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93