Rexford Industrial's Portfolio Grows 166,329 sf - Acquires Two Southern California Industrial Complexes
LOS ANGELES, April 17, 2013 /PRNewswire/ -- Rexford Industrial has acquired two Southern California industrial properties, adding to its 7.5 million square foot Southern California industrial portfolio. A 78,183 square foot industrial complex located in Carson, California was purchased for $5,448,000 and an 88,146 square foot multi-tenant project located in Montclair, California was purchased for $7,150,000. Both properties were acquired in off-market transactions.
The Carson property is located at 18118-18120 S. Broadway Street, Carson, in the South Bay sub-market, one of the top performing industrial markets in the country and is within close proximity to both the Port of Los Angeles and the Port of Long Beach. It consists of five units, offers both ground-level and dock-high loading and is 100% leased.
The Montclair property is located at 8900-8980 Benson Avenue, Montclair, in the West Inland Empire sub-market on a high traffic street. It consists of six multi-tenant buildings and is currently 84% leased.
"Both projects have great rent upside potential," said Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial. "They are ideally located in their submarkets and offer significant opportunity to add value."
Both buyer and seller of the Montclair property were represented by Frank Kosi of Sperry Commercial Real Estate. The Carson transaction was completed between buyer and seller without third party representation.
About Rexford Industrial
Rexford Industrial is a leading industrial real estate investment firm that acquires, manages and develops all classes of industrial properties located in Southern California, including core, value-add, repositioning and re-development. Rexford is now acquiring more than $500 million of industrial property with its proprietary industrial funds, including Rexford Industrial Fund V REIT. Rexford accomplishes this through its creative and entrepreneurial approach to value creation combined with a conservative, risk-averse investment strategy that is designed to perform well during all phases of the real estate cycle.
For additional information, visit www.rexfordindustrial.com.
SOURCE Rexford Industrial