Rexford Industrial Gains Nearly 1M SF YTD

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.