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Rexford Rolling Up SoCal Distribution Centers

January 18, 2013
Rexford Industrial, a commercial real estate investor of properties in Southern California, purchased two Los Angeles area buildings in separate deals totaling $15.12 million.

The deals are part of the company’s acquisition strategy, which includes buying more than $500 million of industrial property with its proprietary industrial funds, including Rexford Industrial Fund V REIT.

In the first transaction, Rexford picked up a multi-tenant park at 701 Del Norte Blvd. in Oxnard for $9.5 million or $75 per square foot. Tyler Development Corp., the seller, acquired the property via foreclosure in 2001, and instead of refinancing the mortgage, decided to market the property to selective investors.

The 125,514-square-foot, Class A industrial building was built in 2000. It is currently 95 percent occupied with a mix of light manufacturing to services and distribution tenants. Paul Farry and Mark Perry of CBRE represented the seller.

In the second deal, a family trust sold a warehouse at 15041 Calvert St. in Van Nuys. Rexford procured the asset for $5.62 million or $69 per square foot.

The 81,282-square-foot distribution property includes 4,000 square feet of office space on nearly 3.7 acres in San Fernando Valley. HVAC distributor Genie Air fully leases the 42-year-old building. Todd Lorber and Chris Jackson of NAI Capital Commercial represented both sides.

See CoStar COMPS # 2625136 and #2638982 for more information.
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