Rexford Industrial Realty Inc. has acquired a six-building industrial complex in the South Bay area of Los Angeles for $6.6 million.
The West Los Angeles real estate investment trust said this week that the 88,330- square-foot facility at 1500-1510 W. 228th St. was 98 percent occupied.
“While the property is highly occupied, we plan value-add improvements to enhance functionality and marketability to enable higher rents upon lease renewals or retenanting,” Co-Chief Executives Howard Schwimmer and Michael Frankel said in a statement.
The company tapped its line of credit but most of the acquisition was accomplished using a tax-deferred 1031 exchange with a portion of proceeds from the sale of a 124,640-square-foot industrial property in San Diego.
Shares on Friday closed down 13 cents, or 1 percent, to $14.19 on the New York Stock Exchange.