LOS ANGELES—In two separate off-market transactions, Rexford Industrial has purchased two Southern California industrial properties for $12.6 million. To its 7.5-million-sq.-ft. Southern California portfolio, the company added a 78,183-sq.-ft. complex in Carson, Calif. for $5.4 million and a 88,146-sq.-ft. property in Montclair, Calif. for $7.2 million.
“Both projects have great rent upside potential,” said Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial, in a statement. “They are ideally located in their submarkets and offer significant opportunity to add value.”
The complex in Carson, located close to both the Port of Los Angeles and the Port of Long Beach, is made up of five units and is 100 percent leased. The six-building Montclair property is 84 percent occupied.
Frank Cosi of Sperry Commercial Real Estate represented the buyer and seller in the Montclair purchase. The Carson buy was arranged directly between the buyer and seller.