L.A.-based industrial real estate investor Rexford Industrial Realty Inc. has added a nearly 60,000-square-foot industrial building to its Valley portfolio.
The company bought 525 Park Ave. in San Fernando for $7.6 million, according to CBRE Group Inc. in Los Angeles. Two tenants, Goodman Distribution Inc. and TMB, a production equipment and service company, lease the 59,600-square-foot building, CBRE said.
Rexford has between 1.3 million and 1.8 million square feet of mostly industrial space in the San Fernando and Santa Clarita valleys and the Tri-Cities, and about 1 million square feet in Ventura County, according to its 2015 annual report.
The Valley’s record-low amount of available space has slowed real estate deals, CBRE said, and the brokerage expects rents to rise 5.4 percent by year’s end.
Michael Bogle and Robert Valenziano, senior associates with CBRE, and Executive Vice President Craig Peters, negotiated the deal on behalf of Rexford and the seller, Gough Place Associates.
“CBRE was able to achieve an extremely aggressive capitalization rate,” Peters said. “There was a huge amount of interest in this property from the investment community due to the quality of the asset and limited supply levels in the region.”