LOS ANGELES, Jan. 4, 2013 /PRNewswire/ -- Rexford Industrial has acquired an 81,282 square-foot distribution warehouse located at 15041 Calvert Street, Van Nuys, in Southern California's San Fernando Valley. The property was purchased for $5,620,000 ($69.14 per square foot).
Rexford purchased the property in an off-market transaction from a family trust. The property consists of a free standing industrial building totaling 81,282 square feet, with 4,000 square feet of office space, situated on 3.67 acres of land. It is 100% leased to Genie Air, one of the largest HVAC distributers in the Western U.S. The property is ideally located near Interstate 405 and U.S. Highway 101, within close proximity to the Van Nuys airport, a very dense infill industrial area of Southern California.
"This acquisition demonstrates Rexford's unique sourcing capabilities in Southern California's industrial markets, through longstanding relationships within the real estate community. The property's ideal location and low cost basis makes it a great addition to our portfolio," said Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial.
Both the buyer and seller were represented by Todd Lorber and Chris Jackson of NAI Capital Commercial.
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. It 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