Nine-Building Industrial Portfolio Fetches $89M

LOS ANGELES—Rexford Industrial has purchased a Southern California industrial portfolio for $88.5 million, or $108 per square foot. The 817,166-square-foot portfolio has nine class-A properties located in Los Angeles, Orange and San Diego Counties. The purchase marks the REIT‘s 11^th investment acquisition this year, totaling $185.6 million.

The properties range in size from 46,846 square feet to 126,036 square feet, and have a total of 24 units. The properties average 87% occupancy and have a total of 17 tenants. Six of the buildings are fully occupied with one, located in Orange, has a low 40% occupancy. According to Rexford’s co-CEOs Howard Schwimmer and Michael Frankel, “We plan to execute on a range of opportunities to drive occupancy while enhancing functionality, cash flow and value through strategic repositioning.” They plan to reposition the Orange property and take advantage of the value-add component to create a product type with higher demand in the submarket.