Rexford Industrial Buys Two Buildings

L.A.-based Rexford Industrial Realty Inc. has purchased properties in Camarillo and San Fernando, the company announced Thursday. The industrial property-focused real estate investment trust has bought out its joint venture partner to fully own 3233 Mission Oaks Blvd. in Camarillo. Rexford paid $21.8 million for the remaining 85 percent interest of the two-building complex, which has a total of 457,693 square feet on 31.9 acres of land. The property just underwent an $11 million improvement by the joint venture that converted 295,000 square feet of the interior warehouse into eight individual spaces ranging from 21,000 square feet to 57,000 square feet, the company said. Additionally, Rexford bought an industrial building at 525 Park Ave. in San Fernando for $7.6 million. The 63,403-square-foot property is leased by two tenants, according to Rexford, has dock-high loading and is capable of high-pile storage. “Rexford intends to harvest cash flow from the existing tenants and implement planned functional enhancements upon expiration and to increase rents to current market rates,” the company said in a statement about the deals. To help pay for the two deals, Rexford sold two buildings for a total of $19.3 million. It sold a 13,497-square-foot creative industrial building at 1840 Dana St. in Glendale for $4.25 million, the company said. The other property was in Whittier, which it sold for $15 million.