Rexford Buys $66M Industrial Portfolio in SoCal

Rexford Industrial has acquired an eight-building industrial portfolio in the South Bay for $66.2 million. The property traded hands in an all-cash transaction.

The industrial portfolio is located in the South Bay and totals 267,000 square feet. Rexford plans to make enhancements to the property, creating an opportunity to drive rents to already high-quality industrial assets. Four of the buildings are single-tenant assets and four are two-tenant buildings.

Upgrades at the property will include fire sprinkler upgrades, modernization of offices and other functional enhancements in order to drive higher rental rates upon expiration of leases.