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Friday, Nov 22, 2024

Rexford Buys San Fernando Warehouse Complex for $118 Million

Rexford Industrial Realty Inc., has acquired the San Fernando Business Center for $118 million, the company announced Monday. West Los Angeles-based Rexford, a real estate investment trust, paid about $200 a square foot for the property, which consists of three single-tenant industrial buildings and two three-tenant industrial buildings, totaling 591,660 square feet on 28.7 acres. The industrial business park is located at 635 8th St. and arrives 88-percent occupied. The seller was Barings Real Estate Advisers. Rexford intends to complete cosmetic and functional enhancements to drive the current below-market rents higher as leases roll. The San Fernando acquisition was part of a portfolio purchase. Rexford also acquired a 106,412-square-foot San Diego warehouse for $21.3 million, or $200 a square foot. Rexford funded the acquisitions using cash on hand and draws on the company’s line of credit.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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