Los Angeles-based Rexford Industrial Properties purchased two properties for $40.3 million using cash on hand, the company announced Nov. 12.
"These transactions demonstrate Rexford's proven ability to source attractive off-market investment opportunities across Southern California's highly fragmented infill industrial market," Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the company, said in a statement.
The company purchased a 55,238-square-foot, 5.41-acre property in Carson for $16.1 million. It is a sale-leaseback of a single-tenant property. It is occupied by trucking operator Western Freight Carrier, which has signed a five-year lease.
Rexford also acquired two buildings on 8.28 acres in Carlsbad for $24.2 million. The two buildings are each newly built and have two tenant spaces. The buildings, which have 114,572 square feet, are 72 percent occupied. Shea Properties was the developer, owner and manager of the property before the sale.
In the third quarter of 2018, Rexford Industrial reported rental revenue of $54.5 million, an increase of 26 percent over the year prior.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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