FOR IMMEDIATE RELEASE:
REXFORD INDUSTRIAL’S PORTFOLIO GROWS 123,676 SF - ACQUIRES TWO SOUTHERN CALIFORNIA INDUSTRIAL COMPLEXES
Los Angeles – August 1, 2013 – Rexford Industrial Realty, Inc. (the “Company”), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, has acquired two Southern California industrial properties, adding to its 7.9 million square foot Southern California industrial portfolio.
The two transactions include a 48,388 square multi-tenant industrial building located in Van Nuys, California that was purchased for $5,600,000 and a 75,288 square foot multi-tenant industrial complex located in Tarzana, California that was purchased for $8,425,000. They were both acquired from a private individual in off-market transactions on an all-cash basis.
The Van Nuys property is located at 8101-8117 Orion Avenue, and consists of a single multi-tenant industrial building with 29 units on 1.88 acres of land. It offers ground-level loading and is 90% leased. The Tarzana property is located at 18310-18330 Oxnard Street, and consists of two multi-tenant buildings with 27 units on 3.11 acres of land. It offers ground-level loading and is currently 81% leased. Both properties are located in Southern California’s San Fernando Valley sub-market, one of the top performing marketing in the country, and have immediate access to Interstate 405 and U.S. Highway 101.
“Rexford’s ability to acquire these investments through off-market transactions demonstrates our unique sourcing capabilities and extensive network of relationships within the real estate brokerage community,” said Howard Schwimmer, co-chief executive officer of Rexford Industrial. “And the locations of these properties couldn’t be better. The San Fernando Valley is in very high demand. It’s an extremely dense infill industrial market and is in very high demand.”
Both the buyer and seller of each of these properties were represented by Chuck Carmichael of NAI Capital.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 61 properties with approximately 6.7 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.