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 Southern California industrial market continues to demonstrate favorable market fundamentals and the unique opportunity to add value by acquiring assets at substantially below replacement cost.”

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 investment firm continues to build a portfolio of industrial properties in high-barrier, infill locations throughout Southern California. Recent acquisitions include:

• 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.