SAN DIEGO—Rexford Industrial Realty Inc., an industrial REIT focused on Southern California infill markets, has acquired a 13-building industrial portfolio in San Diego, California, for $32.3 million, or approximately $172 per square foot.

The acquisition was funded utilizing the company's credit facility. This acquisition brings Rexford Industrial's 2014 acquisition volume to 3,738,000 square feet, comprised of 36 industrial properties located in infill Southern California for an aggregate cost approaching $400 million.

“Our acquisition of the Kearny Mesa Business Park further validates Rexford Industrial's ability to utilize its proprietary sourcing capabilities to source off-market acquisitions in supply-constrained submarkets such as Kearny Mesa,” the company stated in a press release. “We purchased this high-quality, multi-tenant portfolio from a private seller motivated to complete a transaction by year end. We plan to harvest favorable cash flow in the immediate term and to roll below-market rents to market upon renewal or re-leasing in the near to longer term.”