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Thursday, Mar 28, 2024

Rexford Buys San Fernando Warehouse Complex for $118 Million

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.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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