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.