Rexford adds a pair of industrial properties to its growing portfolio

The firm spent $30M combined for the two parcels
By Natalie Hoberman | May 09, 2019 01:00PM

Rexford co-CEOs Howard Schwimmer and Michael Frankel with property at 19100 Susana Road

Rexford co-CEOs Howard Schwimmer and Michael Frankel with property at 19100 Susana Road

There appears to be no end in sight for Rexford Industrial Realty’s shopping spree.

The industrial REIT picked up two more properties for a combined $30 million, adding to its expansive portfolio. The purchases bring the firm’s acquisitions total up to $428 million so far this year, the company announced in a release.

Rexford spent $16.8 million on a leaseback purchase in the San Fernando Valley. The 71,470-square-foot structure, located at 15835 Oxnard Street, sits along the 405 freeway.

In Rancho Dominguez, the firm acquired a 52,630-square-foot structure located at 19100 South Susana Road. Rexford paid $13.5 million for the property, which is fully leased by a regional logistics operator. Rexford plans on upgrading the site once that lease expires.

An entity named Harbor Green Development sold the Rancho Dominguez site, property records show.

The Los Angeles Business Journal first reported the deal.

Earlier this month, Rexford scooped up a 590,570-square-foot office campus in San Fernando for $118 million. Dubbed the San Fernando Business Center, the property includes five industrial buildings spread across five acres.

The off-market deal came on the heels of another huge buy, in which Rexford spent $84.5 million to acquire nearly half a million square feet in Southern California. An entity tied to Colony Capital, led by Tom Barrack, sold the four-property portfolio.