San Fernando Business Center.

San Fernando Business Center.

Rexford Industrial Realty Inc., has acquired the San Fernando Business Center for $118 million, the company announced Monday.

West Los Angeles-based Rexford, a real estate investment trust, paid about $200 a square foot for the property, which consists of three single-tenant industrial buildings and two three-tenant industrial buildings, totaling 591,660 square feet on 28.7 acres. The industrial business park is located at 635 8th St. and arrives 88-percent occupied. The seller was Barings Real Estate Advisers.

Rexford intends to complete cosmetic and functional enhancements to drive the current below-market rents higher as leases roll.

The San Fernando acquisition was part of a portfolio purchase. Rexford also acquired a 106,412-square-foot San Diego warehouse for $21.3 million, or $200 a square foot.

Rexford funded the acquisitions using cash on hand and draws on the company's line of credit.