LOS ANGELES-Rexford Industrial has acquired a 199,370-square-foot industrial property in Simi Valley for $15.8 million. With this acquisition, Rexford Industrial has racked $154.1 million in acquisitions for 2013.

“Our successful off-market acquisition of the Madera property represents another example of our deep local relationships and selective approach to growing our portfolio,” Howard Schwimmer and Michael Frankel, Rexford Industrials co-CEOs, comment. “As we move into 2014, we will continue to pursue opportunities to selectively grow our Southern California industrial portfolio and to increase our operating efficiencies and cash flow.”

Rexford purchased the property in full with an existing line of credit. "We purchased the buildings from an owner/occupant in a long-term sale-leaseback of the industrial building established in conjunction with the acquisition,” Frankel and Schwimmer add.

The single-tenant property, located at 2900-2950 Madera Road, is set on 16.3 acres and features 30-foot clear and a two-story, 63,305-square-foot office building, which is located on a separate parcel and being offered for sale or lease. Kingsbridge International Inc. currently occupies the industrial facility under a 10-year lease agreement.

Rexford Industrial is selectively and strategically growing its Southern California portfolio. Earlier this month, the REIT purchased the Bonita Thompson Industrial Park for $27.2 million. The 365, 859-square-foot, two building property is located in Pomona, CA.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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