November 20, 2020
Los Angeles-based Rexford Industrial Realty, Inc. completed the $339.2-million acquisition of a four-building industrial complex in Whittier and a three-tenant industrial property in Sylmar. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds, assumption of existing debt and operating partnership units.
Rexford’s Howard Schwimmer says, “These investments contribute towards the accretive growth of our portfolio within the highly sought-after Southern California industrial market.”
Gateway Pointe Industrial Campus, located at 3963, 3931, 3735, and 3629 Workman Mill Rd., was acquired for $296.6 million. The 45.12-acre Mid-Counties submarket property comprises four Class A industrial buildings containing 989,195 square feet.
Rexford also acquired 13943-13955 Balboa Blvd. in the San Fernando Valley for $42.6 million via an off-market transaction. The 100% occupied Class A industrial building contains 200,632 square feet on 10.5 acres of land.
CBRE’s Darla Longo, Barbara Perrier and Rebecca Perlmutter brokered the deal. Rexford was represented by Greenberg Glusker LLP’s Kenneth S. Fields, Patricia Hong and Amy E. Rice on the Gateway transaction.
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Tags: Acquisition, Industrial
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