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Rexford Industrial pays $66.2M for California industrial park

Rexford Industrial Realty Inc. paid $66.2 million for an eight-building industrial complex totaling 267,503 square feet in Torrance, Calif.

The 91%-leased portfolio, purchased using cash on hand, comprises four single-tenant buildings and four two-tenant buildings on a total of 14.23 acres of land.

The company intends to make improvements including fire sprinkler upgrades and modernization of offices to drive higher rental rates on expiration of leases.

Rexford Industrial focuses on owning and operating industrial properties throughout Southern California infill markets.