GLENDALE, CA—Rexfordhas paid $56.2 million for a 473,345-sq.-ft. industrial complex in Glendale, Calif. The seven-building property was sold by a non-disclosed institutional owner.
"This well-located, institutional quality industrial complex demonstrates our strategy of investing in highly-sought-after infill Southernlocations," said Michael Frankel, Rexford's managing partner, in a statement. "These buildings are of superior quality and contain a diverse tenant mix."
The industrial complex includes both single and multi-tenant buildings as well as two retail frontage buildings. It is 100 percent lease to tenants such as Staples, Anderson Printing, Nordstrom and Pep Boys.
"This is one of the best industrial parks serving the high demand Glendale/Burbank market area and has consistently demonstrated strong occupancy," said Howard Schwimmer , co-founder and senior managing partner of Rexford Industrial. "The project contains tenant spaces ranging from 3,000 to 50,000 SF offering high ceiling clearance and dock-high loading; both are a rare commodity in this market.”
Eastdil Secured’s Steve Silk, Jay Borzi and Adam Pastor represented both the buyer and seller.