Rexford Industrial Realty Inc. announced Monday that it has acquired two industrial properties for $43.5 million, including one in Chatsworth for $29.5 million, or $115 per square foot.
In the same deal, Rexford also picked up an Orange County industrial site at 5593-5595 Fresca Drive in La Palma for $14 million, or $122 per square foot.
The acquisitions were funded with cash on hand.
“We continue to leverage our deep market knowledge and proprietary originations platform to source attractive off-market investments in Southern California’s high-demand infill industrial market,” said Howard Schwimmer and Michael Frankel, the firm’s co-chief executive officers, in a statement.
The Chatsworth property, a complex consisting of four industrial buildings containing 256,200 square feet on 11.14 acres of land, is located at 9200-9250 Mason Avenue and 9171 Oso Avenue. The site is 100 percent leased to three tenants in the cosmetics industry.
According to CBRE Group Inc., the vacancy rate in the 174 million square foot L.A. – San Fernando Valley submarket was 1.4 percent in 2018’s third quarter.