New Industrial Fund Buys Inaugural Property

CITY OF INDUSTRY, CA-A venture launched late last year by a former Daum Commercial Real Estate broker to acquire Los Angeles-area industrial properties bought two warehouse and distribution buildings totaling 177,000 sf for $8 million from Lend Lease Real Estate Investments, which had owned the buildings for about 20 years.

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.