Rexford Industrial Realty said pre-market Monday it has acquired 11190 White Birch Drive, an industrial property located in the Inland Empire West submarket in southern California, for $19.8 million, or about $99 per square foot. The acquisition was funded using the company’s line of credit.
The industrial building contains 201,035 square feet on 9.27 acres of land and is 100% leased to a single tenant in the logistics industry on a triple net basis at below-market rent. The property features 26-foot clearance, 26 dock-high doors, and provides easy access to the 10 and 15 freeways. The building was originally constructed for two-tenant occupancy and, upon lease expiration, the property has the potential for efficient re-tenanting to two tenants at higher rents.