GLENDALE, CA-Rexford Industrial has purchased a 473,345-square-foot industrial complex here from an institutional owner for $56.2 million. The seller was not disclosed.
The seven-building industrial complex is located on 21 acres at 3332-3424 North San Fernando Road and 3550 Tyburn Street. The latter address, although in Los Angeles, uses a Glendale business address. Glendale is a city next to the northeast corner of downtown Los Angeles.
Howard Schwimmer, the co-founder and senior managing partner of Rexford Industrial, tells GlobeSt.com that the park is in excellent condition “and has no deferred maintenance.” The purchase was financed by Bank of America, he says, but did not disclose specifics.
“This is one of the best industrial parks serving the high demand Glendale/Burbank market area and has consistently demonstrated strong occupancy, “said a Rexford statement from Schwimmer. “The project contains tenant spaces ranging from 3,000 to 50,000 square feet, offering high ceiling clearance and dock-high loading. Both are a rare commodity in this market.”
The property has single and multi-tenant industrial buildings, including two retail frontage buildings. The property is 100% leased to 27 tenants, including Staples, Anderson Printing, Nordstrom and Pep Boys.
Rexford and the undisclosed seller were represented by Steve Silk, Jay Borzi and Adam Pastor of Eastdil Secured.
Rexford Industrial acquires, manages and develops all classes of industrial properties located in Southern California, including core, value-add, repositioning and re-development. Rexford is in the process of acquiring more than $500 million of industrial property with its proprietary industrial funds, including Rexford Industrial Fund V REIT.
As reported earlier on GlobeSt.com, Schwimmer discussed the Rexford strategy for industrial property, one which he says would be hard to duplicate for larger, institutional or less-focused investors in the sector.
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