Howard Schwimmer, a founder and managing member at Rexford, tells GlobeSt.com that the company plans to spend about $1 million in renovations on the industrial complex, which was developed in the 1970s by the seller. Schwimmer says the property is 99% occupied, but Rexford sees upside in the renovations through higher rents and upgrading the tenant mix.

The concrete block buildings are warehouse and light manufacturing facilities that occupy a 5.4-acre site at Valley Boulevard near Sixth Avenue. The renovations will include modernization of building exteriors as well as new landscaping and improvements to office areas.

"First we will tackle all of the common areas and building facades, then we will upgrade the tenant mix as leases expire," Schwimmer says. Rexford hopes to begin work on the renovations within the next 120 days and complete them later this year. Architect for the job will be Furuto Rubio & Associates of Downey, with no general contractor named yet.

Rexford is an acquisition, development, and management company that was formed in 2002 and is targeting $200 million in Southern California industrial real estate by the end of 2004. Schwimmer estimates the company is about 30% of the way to that goal. Its target market consists of stabilized and value-add single- and multi-tenant industrial properties, primarily class B and C buildings.