LOS ANGELES—Rexford Industrial has acquired a 319, 348-square-foot industrial complex from an unnamed buyer for $30.5 million in an all-cash transaction. The sales price equates to $96 per square foot. This purchased brings the industrial REIT's year-to-date acquisition volume to $260 million.

Located at 9120 Mason Ave. in Chatsworth, CA, the property in 100% leased to two tenants. According to Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel, the property's strong tenancy and releasing possibilities helped to attract them to the property. The property is fully leased through 2020, and can support one to three tenants, which will ease the releasing process and maximize rents over time.

"This reflects well on our overall strategy as the acquisition is well-positioned within one of our prime, target infill Southern California sub-markets, generates favorable cash flow and demonstrates value-add potential throughout our ownership life-cycle to further enhance cash flow and value," Schwimmer and Frankel tell GlobeSt.com.

The previous owner renovated the property in 2009. It now boasts 24-26 foot minimum clearance, 61 dock-high positions, state-of-the-art ESFR fire sprinkler system and a large secured yard. The property sits on nearly 12 acres of land in an ideal San Fernando Valley industrial submarket with access to the 405, 5, 118 and 101 freeways, and is served by a rail line.

Rexford Industrial has made significant purchases this year to expand its more than 800,000-square-foot Southern California portfolio. To pay off some of its excising debt, Rexford recently priced 15 million shares of common stock in a public offering. The offering included a 30-day underwriters option to purchase an additional 2,250,000 shares with the underwriters discount. It was unclear how much the REIT expected to gain from the offering.