REXFORD INDUSTRIAL ACQUIRES HIGH-QUALITY BUILDING IN THE EXCLUSIVE CARLSBAD RESEARCH CENTER
Carlsbad, CA – June 19, 2007
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has acquired a two story, 71,536-square-foot building with 17,000 square feet of mezzanine office, located at 5803 Newton Drive in Carlsbad, CA, for approximately $10.58 million.
The building, which sits on 4.45 acres of land, is 46.3% leased to Dragon Optical and Interior Specialist. Built in 1997/1999, the site boasts high quality concrete tilt-up construction with two dock-high and two ground level loading doors. The building also boasts professional landscaping, abundant parking for 191 cars, and prominent street frontage and visibility.
“Given the building’s reputation, visibility and close proximity to the McClellan Palomar Airport and major interstates, this acquisition provided us with an excellent opportunity to purchase a high-quality building in an established in-fill market,” says Howard Schwimmer, managing member and partner at Rexford.
Rexford will apply its proven, unique approach to value creation by demising and repositioning the building to better utilize the space through conversion into four smaller highly functional spaces. The company plans to invest $1.2 million in capital improvements to the property.
Both the seller, Carmel Oaks Properties, and Rexford Industrial were represented by Reeder and Kent Moore of Grubb & Ellis/BRE Commercial in the transaction.
About Rexford Industrial
Rexford Industrial LLC (www.rexfordindustrial.com) is a leading industrial real estate firm in Southern California. A well-capitalized private investment company, Rexford invests in all classes and every category of industrial properties. The company combines a uniquely creative, entrepreneurial approach to value creation with a conservative, risk-averse approach to investing that is designed to perform well during all phases of the real estate cycle. Rexford offers brokers unique investment incentives and capitalizes upon an exceptional network of loyal relationships in the industry. With a current portfolio of nearly five million square feet valued at more than $600 million, Rexford is targeting substantial growth through further acquisitions of industrial property. The firm is based in Los Angeles.