LOS ANGELES-Rexford Industrial Realty Inc., a REIT, has acquired an industrial property located at 22343-22349 La Palma Ave. in Yorba Linda for $12.7 million. The lender-owned property was acquired through an auction. The company’s investment strategy is focused on acquiring and operating industrial properties in Southern California infill markets.
“We are pleased to complete this acquisition, which demonstrates the unique capabilities Rexford Industrial enjoys within its core markets,” says Howard Schwimmer, co-CEO of the company. “Yorba Linda Business Park, in North Orange County, is one of Rexford Industrial’s target infill-submarkets, and we are well-positioned to substantially improve the property’s occupancy and cash flow through implementation of our operating strategies.”
Located in the Yorba Linda Business Park, the 115, 760-square-foot property sits on 9.13 acres of land. It has four buildings, each that accommodates multiple tenants, and is currently 79% leased.
Activity is strong in the industrial market. Research from CBRE recently showed that Southern California development has hit record numbers since the 2008 recession. The inland empire has 13.9 million square feet of industrial space under construction and Los Angeles has 3.2 million square feet under construction.