Rexford Industrial Realty Inc. on Thursday said it acquired Ontario Airport Business Park next to LA/Ontario International Airport for $8.55 million.

The West Los Angeles real estate investment trust said the five-building, 113,612-square-foot industrial complex at Milliken Avenue and Santa Ana Street is about 95 percent occupied.

“The property is a high quality industrial park in an 'A' location with the potential to drive rental rates on future leasing activity as we implement our marketing and management programs," Co-Chief Executives Howard Schwimmer and Michael Frankel said in a statement.

Rexford, which targets properties in Southern California infill markets, said it bought the park 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 closed up 30 cents, or 2 percent, to $13.70 on the New York Stock Exchange.

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