Rexford Industrial has added five industrial assets to its sprawling Southern California portfolio. The five properties—all located in prime Southern California markets—were purchased in off-market transactions and total $141 million. The activity brings the REIT's year-to-date investment volumes to $1.6 billion. All five deals were completed in November and December.

The firm acquired 20481 Crescent Bay Drive, a 88,355-square-foot, single-tenant industrial asset in Lake Forest for $19.5 million, or $221 per square foot. The current rents are 35$ below market, providing an value opportunity. Rexford is planning to reposition the asset upon the lease expiration. The investment has an initial stabilized unlevered cash yield is 3.7%.

2280 Ward Avenue, a 242,100-square-foot, modern class-A six-tenant building in Simi Valley, was purchased for $46.4 million, or $192 per square foot. The property's current rents are 25% below market, and the property is fully leased. The initial stabilized unlevered cash yield is 4.6%, according to Rexford, which is projected to grow to above 5% over time, due to rent escalations.