Rexford Industrial scoops up Valencia property for $17M

Firm plans to reposition building as warehouse space and build next door

Feb.February 21, 2017 02:00 PM
28901-03 N Avenue Paine, Rexford Co-CEO’s Howard Schwimmer and Michael Frankell (Google Maps/Rexford Industrial)

Investment trust Rexford Industrial Realty acquired an industrial property in Valencia for $17.1 million, or $153 a square foot, it said Tuesday.

The 111,346 square foot building, at 28901-03 N Avenue Paine, was purchased with 100 percent cash, according to Rexford. It sits on 5.63 acres and comes with an adjacent 5.75-acre land parcel.

The real estate firm plans to turn the vacant, single tenant property into a Class A industrial warehouse and distribution space. There are also plans to construct a 114,000-square-foot industrial building on the additional parcel.

Rexford owns 136 properties in Southern California with about 15 million rentable square feet and manages 19 properties with approximately 1.2 million rentable square feet, according to a company statement.

Last year, the firm acquired a total of 20 properties for an estimated $371.7 million and sold five industrial properties for $40.7 million, it said in a fourth quarter earnings report.

Related Articles

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

Long Beach area and San Fernando Valley attract biggest industrial sales in 2019

Here are LA County’s biggest industrial sales of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border