Rexford Industrial has added five industrial assets to its sprawling Southern California portfolio. The five properties—all located in prime Southern California markets—were purchased in off-market transactions and total $141 million. The activity brings the REIT's year-to-date investment volumes to $1.6 billion. All five deals were completed in November and December.

The firm acquired 20481 Crescent Bay Drive, a 88,355-square-foot, single-tenant industrial asset in Lake Forest for $19.5 million, or $221 per square foot. The current rents are 35$ below market, providing an value opportunity. Rexford is planning to reposition the asset upon the lease expiration. The investment has an initial stabilized unlevered cash yield is 3.7%.

2280 Ward Avenue, a 242,100-square-foot, modern class-A six-tenant building in Simi Valley, was purchased for $46.4 million, or $192 per square foot. The property's current rents are 25% below market, and the property is fully leased. The initial stabilized unlevered cash yield is 4.6%, according to Rexford, which is projected to grow to above 5% over time, due to rent escalations.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.