(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
LOS ANGELES-Rexford Industrial has hired Jerry Devon as director of leasing and asset management. Devon oversees leasing and asset management across the company’s 6.5 million square-foot Southern California industrial property portfolio.
Prior to joining Rexford Industrial, Devon served as vice president of asset management for Rreef, a member of the Deutsche Bank Group. During his tenure with Deutsche Bank, he was responsible for operating, leasing and improving a seven-million-square-foot industrial portfolio located in the Southeastern US.
“Devon contributes more than 10 years of institutional industrial property experience,” says Michael Frankel, managing partner of Rexford Industrial. “Jerry’s proven skills and extensive relationships enable Rexford to professionally manage the growth of our industrial property investment and management platform.”
Devon previously served as a leasing and marketing director for First Industrial Realty Trust. While at First Industrial, Devon was responsible for asset management, marketing, leasing and dispositions of industrial properties located throughout Seattle, San Francisco, Los Angeles, Irvine, Riverside and San Diego. Devon also has experience as a broker with IPC Commercial Real Estate and Foster & Co. where he specialized in sales and leasing of office and industrial properties in San Diego County.
In other Rexford news, the company just revealed that it has acquired five high quality multi-tenant industrial properties totaling 318,700-square-feet on behalf of Rexford Industrial Fund V REIT. The $22.86-million portfolio was purchased from Cornerstone Realty Advisors.
The portfolio includes 15 multi-tenant buildings in five projects that all benefit from strong infill locations, including four in Southern California that are located in Santa Fe Springs, Irwindale, Torrance and Paramount, and a fifth property in Tempe, AZ. Overall, the portfolio is 85% occupied. Rexford plans selective renovations and a proactive leasing and management strategy to add value to the entire portfolio. Darla Longo and Barbara Emmons of CB Richard Ellis represented both parties in the transaction.
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