Rexford Industrial has acquired a 48,350 sq. ft. industrial building in Pasadena, Calif. for $5.1 million. The facility is 100% leased to The Los Angeles Times. The all-cash purchase is for the firm’s Rexford Industrial Fund V REIT.
“This acquisition aligns with our strategy of acquiring stabilized and value-add industrial properties in strong infill markets,” says Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial, a privately held real estate firm based in Los Angeles.
Rexford operates a portfolio of more than 5.5 million sq. ft. of industrial property and seeks to purchase more than $500 million in infill markets throughout Los Angeles, Ventura, Orange and San Bernardino counties.
The industrial building in Pasadena is located at 121-125 North Vinedo Ave. The property is located within a strong infill market in close proximity to Interstate 210.
John Minervini, Robin Dodson, Erik Larson and Christopher Tolles of Cushman & Wakefield represented both the buyer and the seller.
Since the launch of Rexford Industrial Fund V REIT in October 2010, the
• Grand Commerce Center, a 101,187 sq. ft., multi-tenant industrial complex located at 600 South Grand Ave. in Santa Ana, Calif.
• an underlying mortgage note on Calle Perfecto Business Center in San Juan Capistrano, Calif., a 99,500 sq. ft., five-building light industrial complex.
• a 78,000 sq. ft. warehouse/manufacturing building at 1050 Arroyo St. in San Fernando, Calif.
• an underlying mortgage note on Pasadena Foothill Center in Pasadena, Calif., a five-building, 55,100 sq. ft. light industrial/flex project.
Rexford invests in every category of industrial property, including core, value-add, repositioning and redevelopment. The company specializes in all types of assets within the industrial property sector, from warehouse, distribution, R&D/flex space to light manufacturing, including single and multi-tenant projects.
Rexford’s hold period on the properties it acquires ranges from two to 10 years.