LOS ANGELES—Rexford Industrial, a public industrial REIT, has exceeded $230 million in investments for the year. Sticking to its infill industrial strategy, the firm has purchased 20 new assets in Southern California, where is focuses, and more than 2 million square feet this year alone. The purchases include value-add plays in markets throughout Southern California.

"The majority of what we acquired this year was through off market or lightly marketed transactions," Michael Frankel, a co-CEO of Rexford Industrial, tells GlobeSt.com. "We don't typically buy marketed transactions because we continue to approach what some people might describe as peak levels. That is primarily why we focus on off-market transactions, and that is a fundamental differentiator for Rexford in that we have dedicated ourselves to growing a business that through different efforts and initiatives are able to identify opportunities. That is really key to our business."

The REIT's most recent acquisition was the $21 million purchase of two industrial properties in Carson and Santa Fe Springs. The larger of the two properties is the 172,420-square-foot warehouse located at 1065 E. Walnut Street in Carson. Rexford purchased the asset for $16.7 million, or $97 per square foot, and assumed a $9.9 million loan for the acquisition. The property is 100% lease to two long-term tenants. The second property is a 24,875-square-foot building located at 12247 Lakeland Road in Santa Fe Springs. Rexford purchased that asset for $4.3 million or $171 per square foot. The property is leased through March 2016.

These properties are perfectly inline with the types of properties that Rexford typically acquires, and that they company has acquired throughout the year. "Focusing on infill submarkets in Southern California is our strategy and remains to be our strategy, and that is really greater L.A. County and Orange County as well as parts of San Diego County, parts of Ventura County and certain parts of Ontario. Those are the markets where we like to buy," adds Frankel.

The company reportedly expected to hit $250 million in acquisitions this year. Frankel cannot comment on future acquisitions, but when asked if there were transactions closing before the end of the year that would put them at or above that mark, he says, "All I can say is that there are a few days left in the year."