The deal is the first that has closed for West Los Angeles-based Rexford Industrial LLC, company founder and managing member Howard Schwimmer tells GlobeSt.com. Schwimmer adds, "We have a few more in escrow that we expect to close soon."

Schwimmer, a longtime Daum broker and an industrial investor in his own right before founding Rexford, tells GlobeSt.com that the company expects to invest $80 million to $100 million per year for four or five years. Schwimmer's investors include several top executives of Los Angeles-based Arden Realty, the largest owner of office buildings in Southern California.

Rexford is eschewing Class A buildings and is pursuing older, B and C buildings, Schwimmer tells GlobeSt.com, on the theory that prices for the top properties are bid up too high and older stock offers better opportunities. Rexford's plan is to hold the properties for cash flow. "We're bidding on some stabilized properties and some value-added deals," Schwimmer says, adding that the newly closed deal is a stabilized, fully leased asset.