LOS ANGELES—Rexford Industrial said it has closed its Rexford Industrial Fund V REIT with $127 million in capital commitments and 2.6 million sq. ft. purchased in Southern California.
The fund specifically targeted industrial property within the 1.8-billion-sq.-ft. market here, including Los Angeles and Orange counties, according to Michael Frankel, Rexford’s managing partner. Properties acquired include Mission Oaks Industrial Park, a 1.2-million-sq.-ft. industrial complex in Oxnard, Calif. with major tenants including Deckers Footwear and Technicolor Entertainment.
The fund has more than $225 million of acquisitions capacity to be aggressively invested over the next 18 months, Frankel said. “We remain focused on infill Southern California industrial markets due to their superior tenant demand fundamentals where we can leverage our 30-year history and established originations methods to access property investments at favorable values,” he said.