The co-head of Rexford Industrial Realty is reaping the benefits of the industrial boom.
Howard Schwimmer paid $17.4 million for a 7,000-square-foot home in Brentwood, property records show.
He acquired the property at 420 S. Bristol Avenue earlier this month, securing an $8.4 million mortgage to close the deal, according to documents. Just before he bought the new home, records show Schwimmer cashed out $4.3 million worth of shares.
Brentwood-based Rexford paid Schwimmer $8.3 million in total compensation in 2020, filings show. The company — which went public in 2013 — recorded net income of $61 million last year, as the industrial market surged throughout the pandemic.
Schwimmer bought the home from the family of Richard Atlas, a former Goldman Sachs partner who died last year. It was listed in February for $18.5 million.
This is Schwimmer’s second home in the neighborhood; he owns a five-bedroom property at 421 Homewood Road, which he paid $1.9 million for in 2002, according to records.
Rexford has been on a spending spree in recent years. The firm spent about $1 billion in Southern California warehouse space in 2020, about the same amount as it spent the previous year. So far this year, Rexford has shelled out $163 million for properties, adding hundreds of thousands of square feet to its 31 million-square-foot portfolio.