Rexford Industrial has acquired the Topaz Business Park, a six-building industrial park in Simi Valley, for $46.4 million from a private investor operating as 2280 LLC. At 242,101 square feet, the property is the largest industrial property to trade hands in the Simi Valley market.

Topaz Distribution previously owned Topaz Business Park. The company purchased the property in 2011 for $14 million, and in 2015, it added 40,000 square feet. The same year, the Ventura industrial submarket began to see unprecedented growth, with vacancy plummeting to 2.4% and the arrival of institutional capital. During the pandemic, the Ventura market continued to attract new demand, and Topaz, with the help of Lee & Associates, brought the property to 100% occupancy. It sold the property, making with $32 million in profit.

The Ventura market is well positioned for continued growth. This year, only 114,000 square feet of new supply has delivered into the market, promising a tight vacancy and rising rents. Rexford's business plan hinges on this dynamic. The investor plans to hold the property for the long term and bring the current rents to market rate.