Rexford to Reposition Buildings Near Van Nuys Airport

Rexford Industrial Realty has made the off-market acquisition of an industrial property in Van Nuys for $12.4 million, or $233 per square foot.The property at 8210-8240 Haskell Ave. includes three vacant industrial buildings containing 53,248 square feet of improvements on 2.3 acres of land. The parcel is near the 101 freeway and Van Nuys Airport.Rexford plans to execute a repositioning program to modernize and increase functionality of the buildings.“These investments, acquired through off-market transactions, demonstrate the company’s programmatic and proprietary approach to identifying exceptionally well-located, off-market investment opportunities with substantial, above-market return on investment and cash flow growth within infill Southern California, the nation’s lowest-supply and highest-demand industrial market,” Howard Schwimmer and Michael Frankel, co-chief executives, said in a statement. “With $779 million of acquisitions completed year-to-date, plus an additional $600 million of new investments under contract or accepted offer, we are well positioned to drive superior shareholder value creation through accretive internal and external growth.”