The structured deal consists of a near $2.7-million acquisition of about 11.5 acres of industrial land at 400 N. Lombard St. in the Seagate Business Park, a leaseback of 7.7 acres to seller, Green Foods Corp. and a pre-leasing commitment for 41,000 sf extra warehouse space. The 10-year ground lease for the nutritional supplements manufacturing facility is valued at $2.2 million while the expansion, also a 10-year contract, will cost $2.6 million over the term. The Oxnard-based Green Foods will occupy a portion of a 70,000-sf building that Rexford will develop on 3.8 acres at the site.

Doug Wax and Mike Wax, both with Industrial Park Associates of Oxnard, represented Green Foods and Rexford in structuring the triple play. This is Rexford's first acquisition in the Ventura County market, where the company says it intends to expand its portfolio of industrial properties. In the past year West Los Angeles-based Rexford has acquired approximately 600,000 sf of industrial buildings in the San Gabriel Valley and has established an acquisition office in Newport Beach.

Rexford is an acquisition, development, and management company targeting more than $200 million of Southern California industrial real estate acquisitions. The company's acquisition focus is stabilized and value-added single and multi-tenant industrial properties, including class B and C buildings.