LOS ANGELES-Rexford Industrial has acquired the Bonita Thompson Industrial Park, a 365,859-square-foot, two-building industrial property in Pomona, for $27.2 million. The purchase brings the company's California portfolio to 64 properties, totaling 7.3 million square feet of industrial space. Rexford funded the acquisition through an existing line of credit.

“This particular asset was attractive because of great pricing, the fact that is has two tenants in place on long-term leases and, further, that the buildings are very flexible in terms of exiting or releasing options,” Michael Frankel, Rexford Industrial Co-CEO, tells GlobeSt.com. “They are two, separate freestanding buildings on separate parcels, and the buildings have further divisibility capability as well.”

The company plans to continue “selectively” growing its Southern California industrial portfolio. When asked why the company chooses to focus on the Southern California Industrial market, Frankel answered, “Southern California is the preeminent industrial market in the U.S. It has the highest occupancy in the country and achieves the highest rents and values of any market in the country. We have the good fortune of having it in our backyard.”