REXFORD INDUSTRIAL COMPLETES $2 MILLION RENOVATION OF INDUSTRIAL/OFFICE BUILDINGS IN CARLSBAD
Refurbished Property Now Ready for Lease
Carlsbad, CA, July 2, 2007
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has completed a $2 million renovation of its properties at 6200 and 6300 Yarrow Drive in Carlsbad, CA, which total 149,600 square feet of industrial/office space.
The Yarrow Drive property is owned by Rexford Industrial Fund III (RIF III), which launched with $61 million in equity capital in 2005 and has acquired 12 properties comprising more than 1.5 million square feet of value-add industrial space.
The buildings are situated one block off of Palomar Airport Road in the Carlsbad submarket of San Diego, an area which is widely regarded as the strongest submarket in North San Diego County. “Yarrow Drive is a premier site for investment, as it represents a tremendous opportunity for Rexford to create and add value,” said Howard Schwimmer, managing member and partner at Rexford. “We are excited about the potential for this repositioned property,” he added.
The extensive renovations included the demolition of a single-tenant building into two separate suites plus the addition of new offices, and the installation of a new elevator to service one of the two new suites. New stairwells, upgraded lighting and a new entrance to one of the suites were part of the modernization. The owners installed new, ADA-compliant restrooms and improved handicap access throughout the property. The landscaping was significantly upgraded, along with miscellaneous cosmetic upgrades that provide a better, higher-value image for the revamped property.
The leasing brokers for the property are Chuck McNary of Colliers International and Adam Molnar of Coldwell Banker Commercial Almar Group. Currently, 6200 Yarrow Drive is occupied by L&L Printing. 6300 Yarrow Drive, which has been vacant due to the renovation, now offers two suites for lease, one comprising 48,932-68,541 square feet of space, and the other comprising 21,986 square feet.
Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, manufacturing and R&D to flex industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.
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.