LOS ANGELES—Rexford Industrial has acquired two new industrial properties for a total of $21.9 million. The two properties, located in Crescent Bay and San Fernando, have a combined 176,978 square feet. The public real estate trust has now acquired eight properties this year with a combined 748,000 square feet.
Located at 2980 and 2990 North San Fernando Blvd. in Burbank, CA, the San Fernando property is the larger of the two acquisitions with 130,800 square feet. The property has two buildings that sit on 5.86 acres, which are fully leased by a single tenant who has occupied the building for 50 years and has four years remaining on its current lease. Rexford purchased the property for $15.4 million, or $118 per square foot. The trust funded the acquisition with $5.1 million from an existing credit line and obtained a $10.3 million with a 5.09% interest rate that matures in July 2015.
The smaller of the two acquisitions is located at 20531 Crescent Bay Drive in Lake Forest, CA. The 46,178-square-foot property sits on 2.47 acres and is within close proximity to the Irvine commercial district, near the I-5, I-405, SR-133, and SR-241 freeways. Rexford purchased this property for $6.5 million. Like the larger purchased, the property is fully leased through 2016.
Rexford Industrial is continuing to expand its Southern California portfolio. According to Howard Schwimmer and Michael Frankel, the company’s co-CEOs, Rexford has acquired 17 properties and nearly 2 million square feet of industrial space since filing for an IPO in the second half of last year. These acquisitions include the recent purchase of two facilities in Torrance and Seal Beach for $24.9 million. The two properties have a combined 218,768 square feet.