A fully leased Chatsworth industrial property was acquired for $16.8 million by Rexford Industrial Realty Inc., the Los Angeles real estate investment trust announced on Friday.
Chatsworth Industrial Park, a 153,212-square-foot property, was bought from a venture led by Adler Realty Investments of Woodland Hills. The sale price breaks down to $110 a square foot with funding provided by the REIT’s line of credit.
So far this year, Rexford has spent $213 to acquire Southern California in-fill property, its core market.
“The property is favorably positioned, offering a mix of quality, location and functionality that we believe makes it highly attractive in the supply-constrained Greater San Fernando Valley,” said Howard Schwimmer and Michael Frankel, co-chief executives, in a statement.
The park is comprised of seven buildings bounded by Nordhoff and Osborne streets and Independence Avenue. The buildings range from 11,000 square feet to 52,000 square feet, have private yards and offer a mix of dock-high and ground-level loading.
Rexford has a portfolio of 87 properties with about 9.5 million rentable square feet and manages and 20 other properties with roughly 1.2 million rentable square feet.