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.