As part of a two-property transaction, Rexford Industrial Realty Inc. has acquired a Sylmar property at 13943-13955 Balboa Blvd. for $42.6 million.

The combined portfolio fetched nearly $393 million.

The Sylmar warehouse has almost 201,000 square feet and sits on 10.5 acres. It had three tenants at the time of the sale for a 100 percent occupancy rate.

Rexford also noted that rents at the property were nearly 20 percent below market value with leases close to expiration.

Rexford, which is based in Brentwood, intends to add property improvements and renovations to the Sylmar site before renewing or signing leases at higher rent levels.

“These investments contribute towards the accretive growth of our portfolio within the highly sought-after Southern California industrial market,” Rexford Industrial co-Chief Executives Howard Schwimmer and Michael Frankel said in a statement.

The other property in the portfolio is in Whittier: The 45-acre, 989,000-square-foot Gateway Pointe Industrial Campus consists of four buildings. It was 100 percent occupied at rents 21 percent below market value, according to Rexford.

Rexford paid with cash on hand and 1031 exchange proceeds.