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Saturday, Jun 10, 2023

Rexford Acquires Burbank Property

Los Angeles real estate investment firm Rexford Industrial Realty Inc. announced on Monday it has added to its fast-growing Valley portfolio with a $15.4 million Burbank acquisition. A two-building, 130,000-square-foot property at 2980 and 2990 N. San Fernando Blvd. was purchased from an undisclosed private ownership group. The buildings are leased to Senior Aerospace SSP, which manufactures high-pressure air ducts for planes. The company is a unit of Senior Plc in Hertfordshire, England. The company has four years remaining on its lease and has been in the facility for more than 50 years. Rexford financed the acquisition with a $10.3 million loan that will mature in July 2015. The remainder was funded through its line of credit. Rexford went public last summer, raising $224 million in its initial public offering. The company was co-founded by co-Chief Executive Howard Schwimmer and L.A. real estate mogul Richard Ziman, who serves as chairman. Rexford has interests in 74 properties of about 8.1 million square feet, and manages 20 other properties of about 1.2 million square feet.

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