LOS ANGELES-Rexford Industrial has acquired two industrial properties in Carson and Montclair, adding to its 7.5 million-square-foot regional portfolio.
Rexford is in the process of acquiring more than $500 million of industrial property using proprietary industrial funds. The investment firm acquires, manages and develops all classes of industrial properties located in Southern California.
In its latest deal, Rexford acquired a 78,183-square-foot industrial complex in Carson for $5,488,000, using financing through Canyon Capital. The Carson property is located at 18118-18210 South Broadway St., near the Port of Los Angeles and the Port of Long Beach. It consists of five units and offers ground-level and dock-high loading. The property is fully leased. The seller was not identified and financing terms were not available.
The second property acquired consists of six multi-tenant buildings at 8900-8980 Benson Ave. in Montclair. It was purchased for $7,150,000 in an all-cash deal. It is currently 84% leased and sits on a highly-trafficked street.
Both properties were off-market transactions.
“Both projects have great rent upside potential,” said a statement from Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial. “They are ideally located in their submarkets and offer significant opportunity to add value.”
The buyer and seller of the Montclair property was represented by Frank Kosi of Sperry Commercial Real Estate. The seller was not identified. The Carson transaction was completed between buyer and seller without third party representation.
As previously reported in GlobeSt.com, Rexford Industrial is pursuing an investment strategy that is hard to duplicate for larger or institutional investors to replicate.
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