Rexford Industrial Realty Inc. has purchased a 55,500-square-foot industrial building in San Fernando for $5.1 million.
The L.A. real estate investment trust bought the property at 605 8th St. from an undisclosed seller and was funded by cash on hand, said the company.
“This off-market acquisition represents another example of our deep local relationships and selective approach to growing our portfolio in the Greater San Fernando Valley submarket of Los Angeles,” said Co-Chief Executives Howard Schwimmer and Michael Frankel, in a statement. “The company expects to create value by resolving deferred maintenance and making functional enhancements including installation of dock-high loading and modernization of current office space.”
The property is situated on 2.75 acres and features 24-foot clear ceiling heights.
Rexford has a portfolio of 88 properties with about 9.5 million rentable square feet and manages and 20 other properties with roughly 1.2 million rentable square feet.
PennyMac Financial Services Inc. has increased its credit line with Credit Suisse First Boston Mortgage Capital LLC.
The Moorpark company, which sells and services U.S. residential mortgage loans, increased its maximum loan amount from $117 million to $157 million.
The line is available as a revolving credit facility to finance mortgages.
Simulations Plus Inc. on Wednesday completed its acquisition of Cognigen Corp., a Buffalo, N.Y. company that helps drug makers seek regulatory approval for their products.
Simulations Plus, a Lancaster company that develops clinical trial software used by drug makers, will pay Cognigen shareholders $7 million, with $2.8 million of that in cash and the remainder in newly issued unregistered shares of stock.
The deal will swell Simulations Plus’ workforce from 30 to 65 and add about $5 million in revenue in the next fiscal year. Cognigen will be a subsidiary of Simulations Plus and operate under its own name.
Shares closed up 4 cents, or les than 1 percent, to $6.71 on the Nasdaq.