Sawtelle-based Rexford Industrial Realty Inc. purchased two industrial properties for $30.3 million, the company announced May 8.
The company acquired 19100 S. Susana Rd. in Rancho Dominguez for $13.5 million. The nearly 53,000-square-foot property is leased to a regional logistics operator. It has 24 dock-high loading spots and trailer storage. The lease is below market rates. When the lease ends, Rexford plans to upgrade the property and increase rents.
The company also purchased 15835 Oxnard St. in Van Nuys for $16.8 million. The single tenant property is roughly 71,000 square feet. It was a sale-leaseback transaction.
It’s been a busy time for the industrial market. In the first quarter of the year, 9.3 million square feet of industrial space sold or leased, according to data from Jones Lang LaSalle Inc.
"We continue to consolidate accretive industrial property investments within Southern California's high-barrier infill market, the largest, most sought-after industrial market in the country," said Howard Schwimmer and Michael Frankel, co-chief executive officers of Rexford, in a statement.
Both were off-market transactions.
Rexford has completed $428 million of acquisitions so far this year.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
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