Rexford Industrial Realty Inc. bought five industrial properties totaling 488,000 square feet in infill Southern California submarkets for an aggregate of $110.3 million.
The acquisitions include the property containing 105,970 square feet of improvements on 6.06 acres of land at 3150 E. Ana St. in the South Bay submarket of Los Angeles; the 311,995-square-foot single-tenant distribution building at 1402 Avenida Del Oro in the North County submarket of San Diego; the fully leased single-tenant industrial building totaling 42,270 square feet at 18115 S. Main St. in the South Bay submarket of Los Angeles; the 27,267-square-foot single-tenant industrial building on 3.78 acres of land at 5725 Eastgate Dr. in the central San Diego submarket; and the one-acre paved land parcel at 3340 N. San Fernando Rd. in the San Fernando Valley submarket of Los Angeles.
Rexford said it plans to reposition the 3150 E. Ana St. property into a logistics facility upon lease expiration. It signed a new long-term lease for the 5725 Eastgate Dr. building with an unnamed national tenant upon deal closing.
Additionally, the industrial real estate investment trust sold two properties for a combined $12.8 million. The 6,562-square-foot industrial condominium unit at 939 Poinsettia Ave. in the North County submarket of San Diego sold for $1.3 million, while the 62,395-square-foot multitenant complex at 2350-2384 Orangethorpe Ave. and 1631 Placentia Ave. in the North submarket of Orange County went for $11.5 million.
The REIT funded the acquisitions using cash on hand and the reinvestment of a portion of the proceeds from the two property sales.
