Industrial Portfolio Fetches $29M

LOS ANGELES—Rexford Industrial has purchased a three-property industrial portfolio for $28.9 million from KFG Investment Co. Located in the Inland Empire near Los Angeles County, the portfolio totals 343,413 square feet, and is 100% occupied.

The largest of the three properties is a 130,788-square-foot facility, located at 10509 Business Drive in Fontana. Sitting on 6.9 acres, the property has 21 dock high loading doors and 24-foot clear heights. The remaining two properties are a 109,463-square-foot facility located at 13231 Slover Avenue in Fontana, and a 101,080-square-foot facility located at 12907 Imperial Highway in Santa Fe Springs. Sitting on 5.3 acres, the Slover Avenue property features 16 dock high doors and 24-foot clear heights, while the Imperial Highway property features 17 dock high loading doors and 30-foot clear heights. All of the properties have access to the nearby major freeways as well as major airports.

Ryan Martin, managing director at HFF, and Anthony Brent, senior managing director at HFF, represented the seller in the transaction. According to the team, the properties were highly sought-after because of the infill locations and modern building features, as well as a significant upside because the current rents are well below market. The team did not respond to a request for additional comment.

Rexford Industrial has an ever-growing Southern California portfolio. It currently owns 98 other properties within a 10.1-mile radius of these three properties. The public REIT announced the purchase of the Santa Fe Springs, CA, property earlier this year along with a property in San Diego. The properties totaled 213,581 square feet and cost a combined $30.6 million. They were announced as the REIT's first purchases of the year.