Rexford Industrial Announces Lease-Up of 275,000-Square-Foot, Value-Add-Repositioned Project
Rexford Industrial Realty, Inc. (NYSE: REXR) has successfully leased up its 274,885 square-foot value-add-repositioned project at 500 Dupont Avenue in Ontario, California. The property, located in the Inland Empire – West submarket, has been leased to a third-party logistics (3PL) provider. The project underwent significant modernization, including expanded dock-high loading, upgraded ESFR fire sprinklers, new office construction, and a new secured container storage yard.
The lease is set to commence in October 2024, with the project expected to stabilize at an unlevered yield of 5.5%, aligning with the Company's previously published estimates. Rexford Industrial's Co-CEOs, Howard Schwimmer and Michael Frankel, emphasized the Company's strong execution and informational advantage in delivering high-quality, functional products within the infill Southern California market.
Rexford Industrial Realty, Inc. (NYSE: REXR) ha affittato con successo il suo progetto riqualificato da 274.885 piedi quadrati situato al 500 Dupont Avenue in Ontario, California. La proprietà, ubicata nel sotto-mercato dell'Inland Empire – West, è stata affittata a un fornitore di logistica terziario (3PL). Il progetto ha subito una significativa modernizzazione, tra cui l'ampliamento delle aree di carico a livello del dock, l'aggiornamento degli sprinkler antincendio ESFR, la costruzione di nuovi uffici e un nuovo piazzale di stoccaggio per container sicuro.
Il contratto di affitto inizierà nel ottobre 2024, con il progetto che si prevede stabilizzerà un rendimento non a leva del 5,5%, in linea con le stime precedentemente pubblicate dall'Azienda. I Co-CEO di Rexford Industrial, Howard Schwimmer e Michael Frankel, hanno sottolineato l'eccellente esecuzione e il vantaggio informativo dell'Azienda nel fornire prodotti funzionali di alta qualità nel mercato densamente popolato della California meridionale.
Rexford Industrial Realty, Inc. (NYSE: REXR) ha arrendado con éxito su proyecto de reposicionamiento de valor de 274,885 pies cuadrados en 500 Dupont Avenue en Ontario, California. La propiedad, ubicada en el submercado Inland Empire – West, ha sido alquilada a un proveedor de logística de terceros (3PL). El proyecto ha sufrido una modernización significativa, incluyendo la ampliación de las áreas de carga a nivel de puerto, la actualización de los rociadores contra incendios ESFR, la construcción de nuevas oficinas y un nuevo patio de almacenamiento de contenedores asegurado.
El contrato de arrendamiento comenzará en octubre de 2024, y se espera que el proyecto se estabilice con un rendimiento no apalancado del 5.5%, alineándose con las estimaciones previamente publicadas por la Compañía. Los Co-CEOs de Rexford Industrial, Howard Schwimmer y Michael Frankel, enfatizaron la sólida ejecución y la ventaja informativa de la Compañía al ofrecer productos funcionales de alta calidad dentro del mercado de California del sur.
Rexford Industrial Realty, Inc. (NYSE: REXR)는 캘리포니아 온타리오에 있는 500 듀퐁 애비뉴에서 274,885 제곱피트의 가치 증가 재배치 프로젝트를 성공적으로 임대했습니다. 이 부동산은 인랜드 엠파이어 - 웨스트 서브마켓에 위치하고 있으며, 제3자 물류 공급업체(3PL)에 임대되었습니다. 이 프로젝트는 확장된 도크 높이 적재 공간, 업그레이드된 ESFR 스프링클러, 새로운 사무실 건설 및 새로운 안전한 컨테이너 저장 마당을 포함하여 상당한 현대화를 거쳤습니다.
임대 계약은 2024년 10월에 시작될 예정이며, 프로젝트는 레버리지 없는 5.5%의 수익률로 안정화될 것으로 예상되며, 이는 회사가 이전에 발표한 추정치와 일치합니다. Rexford Industrial의 공동 CEO인 하워드 슈미머와 마이클 프랭켈은 인구가 밀집한 남부 캘리포니아 시장 내에서 고품질의 기능적인 제품을 제공하는 회사의 강력한 실행력과 정보 우위를 강조했습니다.
Rexford Industrial Realty, Inc. (NYSE: REXR) a réussi à louer son projet repositionné à valeur ajoutée de 274 885 pieds carrés situé au 500 Dupont Avenue à Ontario, Californie. La propriété, située dans le sous-marché Inland Empire – West, a été louée à un fournisseur de logistique tiers (3PL). Le projet a subi une modernisation significative, notamment l'agrandissement des quais de chargement, la mise à niveau des sprinklers anti-incendie ESFR, la construction de nouveaux bureaux et un nouveau terrain de stockage sécurisé pour conteneurs.
Le bail devrait commencer en octobre 2024, le projet devant se stabiliser à un rendement non levé de 5,5%, en accord avec les estimations précédemment publiées par l'entreprise. Les Co-CEOs de Rexford Industrial, Howard Schwimmer et Michael Frankel, ont souligné l'exécution solide de l'entreprise et son avantage informatif dans la fourniture de produits fonctionnels de haute qualité sur le marché densément peuplé du sud de la Californie.
Rexford Industrial Realty, Inc. (NYSE: REXR) hat erfolgreich sein 274.885 Quadratfuß großes, wiederhergestelltes Projekt in der 500 Dupont Avenue in Ontario, Kalifornien vermietet. Die Immobilie, die sich im Teilmarkt Inland Empire – West befindet, wurde an einen Drittanbieter-Logistikdienstleister (3PL) vermietet. Das Projekt wurde umfangreich modernisiert, einschließlich ausgeweiteter Ladebereiche auf Dockhöhe, verbesserter ESFR-Brandmeldeanlagen, neuem Büroneubau und einem neuen gesicherten Containerlagerplatz.
Der Mietvertrag soll im Oktober 2024 beginnen, wobei das Projekt voraussichtlich mit einer unleveragierten Rendite von 5,5% stabilisieren wird, was mit den zuvor veröffentlichten Schätzungen des Unternehmens übereinstimmt. Die Co-CEOs von Rexford Industrial, Howard Schwimmer und Michael Frankel, betonten die starke Ausführung und den Informationsvorteil des Unternehmens bei der Bereitstellung qualitativ hochwertiger, funktionaler Produkte im aufgelockerten Markt von Südkalifornien.
- Successful lease-up of a 274,885 square-foot value-add-repositioned project
- Project expected to stabilize at an unlevered yield of 5.5%, in line with estimates
- Lease commencement set for October 2024, indicating near-term revenue generation
- Significant property improvements likely to attract and retain high-quality tenants
- None.
Insights
The lease-up of Rexford Industrial's 275,000-square-foot repositioned project in Ontario is a positive development for the company. The 5.5% unlevered stabilized yield aligns with previous estimates, indicating effective execution of their value-add strategy. This successful lease-up demonstrates Rexford's ability to create value through property improvements and capitalize on the strong demand for industrial space in Southern California's infill markets.
The lease to a 3PL provider reflects the ongoing e-commerce boom and the need for efficient distribution facilities. The property's modernization, including expanded loading docks and a secured container storage yard, caters to the evolving needs of logistics operators. This strategic positioning should help Rexford maintain high occupancy rates and potentially command premium rents in the competitive Inland Empire market.
Investors should note that while this single lease-up is positive, it's important to monitor Rexford's overall portfolio performance and ability to consistently execute similar value-add projects to drive long-term growth.
The lease-up of this repositioned project in Ontario underscores the robust demand for high-quality industrial space in the Inland Empire – West submarket. This area continues to be a prime location for logistics operations, given its proximity to major population centers and transportation networks.
The extensive renovations, including the addition of ESFR fire sprinklers and a secured container storage yard, align with the evolving requirements of modern 3PL providers. These improvements not only enhance the property's functionality but also its marketability, potentially allowing Rexford to command higher rents and attract quality tenants.
The success of this project validates Rexford's strategy of focusing on infill Southern California markets, where land constraints and high barriers to entry can lead to favorable supply-demand dynamics. However, investors should remain vigilant about potential market saturation and the impact of economic fluctuations on the industrial real estate sector.
The newly repositioned 274,885 square-foot building was leased to a third-party logistics (3PL) provider. The value-add-repositioned project included overall building modernization, expansion of dock-high loading, upgraded ESFR fire sprinklers, new office construction and a new, secured container storage yard. The lease commences in October 2024, and the project is expected to stabilize at an unlevered stabilized yield of
"Rexford Industrial's strong execution and informational advantage across our vertically integrated, entrepreneurial team continue to deliver differentiated product providing the highest quality and functionality available within the infill
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Contact:
Investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.
FAQ
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