LA MIRADA, CA-Continuing its West Coast expansion strategy, Australian REIT Dexus Property Group has acquired a 278,000-square-foot building that was built in 1968 and serves as a retail and warehouse facility for the Living Spaces furniture chain. Dexus paid $26.25 million for the property, which is at 14501 Artesia Blvd.

Living Spaces occupies the building under a 10-year lease that began in 2006. The building is located on 16.7 acres and is divided into 120,000 square feet of showroom space, 10,000 square feet of corporate offices and an approximate 140,000-square-foot warehouse component.

This is Dexus's second industrial property acquisition in Southern California in the past quarter and continues the REIT's long-term strategy of concentrating and repositioning its US real estate investments into its preferred West Coast markets. Dexus executives explained that strategy in an interview with GlobeSt.com when the company opened a Newport Beach office last year. In October the company acquired a 157,329-square-foot multi-tenant industrial property in the City of Industry for approximately $14.4 million, as reported by GlobeSt.com at the time.

Bryan Bentrott, managing director of acquisitions and leasing for the US office of Dexus, said: “The Living Spaces building dovetails well with our focused investment strategy. It offers a high-quality, flexible and fully leased facility with multiple re-use options, a successful tenant with an established brand and a premier mid-counties location between Los Angeles and Orange counties.”

CB Richard Ellis Group Inc. represented both parties in the transaction. The participating CBRE brokers included Darla Longo, Barbara Emmons, Mark Latimer and John Biven. The seller of the property was not disclosed, but according to L.A. County property records, the previous owner was LBA Realty Fundholding Co. II LLC.