Rexford Industrial buys industrial portfolio, outdoor storage asset in Calif.

Rexford Industrial Realty Inc. bought an industrial portfolio consisting of four single-tenant properties in California for $86.3 million in an off-market transaction.

The portfolio consists of a 100,157-square-foot property at 29010 Avenue Paine in Valencia, Calif.; a 117,151-square-foot building at 29010 Commerce Center Drive in Valencia, Calif.; a 105,041-square-foot property at 13369 Valley Boulevard in Fontana, Calif.; and a 92,395-square-foot building at 6635 Caballero Boulevard in Buena Park, Calif.

The acquisition was completed through 1.8 million newly issued operating units of Rexford Industrial Realty LP at $47.93 per share, which are redeemable by the unnamed seller on a one-to-one basis for the REIT's common stock.

The REIT also acquired an industrial outdoor storage property in Anaheim, Calif., for $16.8 million.

The 4.83-acre site at 1235 S. Lewis St. contains a 62,480-square-foot building, which has the potential for re-lease at expected higher market rental rates. The company could also redevelop the property through the construction of a 105,100-square-foot class A distribution facility targeted to last-mile logistics providers, among other possible tenants.

The transactions totaled $103.1 million and were completed on Dec. 31, 2020.