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BURBANK, CA-Los Angeles-based Rexford Industrial has acquired the 42,500-sf former Martino's Wholesale Bakery and plans to convert the building into creative office and production space. Rexford acquired the property, which is at 901 W. Alameda Ave., from Captions Inc. for $9.3 million.
Rexford intends to modernize and upgrade the industrial office and warehouse building, which was constructed in 1969 and is occupied by the seller, which is a film caption editing company. The Rexford entity that acquired the property was RIF IV–Burbank LLC, which bought it for Rexford's Industrial Fund IV (RIF IV).
THe RIF IV fund is the fourth in a series of value-add industrial real estate funds managed by Rexford. The company acquired the property in a transaction that was brokered by Chris Baer of Ramsey Schilling Co. and Kristen Bailey of NAI Capital, who represented both Rexford Industrial and the seller.
The freestanding building features substantial surface parking, has 20-foot ceilings, is divisible and is ideally positioned for studio/creative office and post-production users, according to Howard Schwimmer, Rexford managing member and partner. Schwimmer cites the property's high-profile location in Burbank's media district, which is "a very tight market for creative industrial space," he points out.
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