Rexford Industrial Realty, Inc. announced two industrial property investments for an aggregate purchase price of $69.5 million and the disposition of one property for $11.3 million. The acquisitions were funded using proceeds from forward equity settlements, cash on hand and 1031 disposition proceeds. For the full year 2023, Rexford Industrial completed $1.5 billion of investments and currently has a near-term pipeline comprising approximately $75 million of new investments under contract or accepted offer.

In December, the Company acquired: 600-708 E. Vermont Avenue, Anaheim, located in the OC ? North submarket, for $57.0 million or $108 per land square foot. Following a short-term leaseback, the Company intends to redevelop the 12.1-acre site into a 264,000 square foot divisible Class A building.

The value-add investment is projected to generate a 6.7% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 117 million square foot OC ? North submarket was 0.9% at the end of the third quarter 2023.

11234 Rush Street, South El Monte, located in the LA ? San Gabriel Valley submarket, for $12.5 million or $61 per land square foot through an off-market transaction. The Company intends to redevelop the vacant 4.7-acre land site into a 102,000 square foot Class A industrial building, designed to accommodate up to four tenants.

The investment is projected to generate a 6.4% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 161 million square foot LA ? San Gabriel Valley submarket was 1.5% at the end of the third quarter 2023.

In December, the Company disposed of: 3720-3750 W. Warner Avenue, Santa Ana, located in the OC ? Airport submarket, for $11.3 million or $292 per square foot. The multi-tenant building, totaling 38,643 square feet, was 100% occupied at the time of sale.

The unlevered IRR on the transaction to the Company is 28%. Proceeds from the sale were reinvested into the acquisition of 600-708 E. Vermont Avenue.