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Tuesday, Jun 6, 2023

Rexford Buys Simi Valley Property

Los Angeles real estate investment firm Rexford Industrial Realty Inc. announced Wednesday it has added to its fast-growing Valley portfolio with a nearly $16 million purchase in Simi Valley. The company acquired a 199,370-square-foot industrial and office property at 2900-2950 Madera Road. The sale price was $15.8 million. Co-Chief Executives Howard Schwimmer and Michael Frankel said in a statement that the company intends to remain aggressive in the acquisition market. “As we move into 2014, we will continue to pursue opportunities to selectively grow our Southern California industrial portfolio and to increase our operating efficiencies and cash flow,” the statement said. The property consists of a single-tenant industrial building with 136,065 square feet and a two-story office building with 63,305 square feet, situated on more than 16 acres. The industrial building is fully leased for 10 years to Kingsbridge International Inc., a discount merchandiser and previous owner of the building. An office building, which is situated on a separate parcel and is currently vacant, is being marketed for sale or lease. The deal comes just a few months after Rexford raised $224 million in its initial public offering. The company was founded by L.A. real estate mogul Richard Ziman, who serves as its chairman. It has interests in more than 60 properties with about 7 million rentable square feet, in addition to managing additional properties with about 1.2 million rentable square feet.

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