LOS ANGELES-Rexford Industrial LLC closed on the purchase of a 445,00-sf, 12-building industrial portfolio that includes Downtown L.A. buildings for which the industrial specialist may seek a joint venture partner for loft conversions. Howard Schwimmer, a principal of Rexford, tells GlobeSt.com that the company has yet to decide what it will do with all 12 of the properties, but some will be repositioning plays for sale and others may be longer-term holds. The Downtown L.A. properties that Rexford is considering as a loft conversion include three buildings totaling 83,000 sf building at Fourth and Mateo streets that are occupied by tenants on short-term leases. Rexford acquired the portfolio, which was 100% occupied at the time of the sale, from the Smooke family of Los Angeles in a direct deal between buyer and seller. The properties are all in Los Angeles, except for one in Oakland and two in Vernon. Most were built between the 1930s and the 1960s, except for one of the Vernon properties, which was built in 1974. Despite their age, Schwimmer tells GlobeSt.com, most of the buildings are in relatively good condition and have been seismically upgraded. Besides the three buildings at Fourth and Mateo streets in Los Angeles, the Los Angeles properties include a building of approximately 28,000 sf at 4351 E. Valley Blvd. that is leased to USC and will probably be a long-term hold for Rexford; two buildings at 4019 Medford St. totaling 54,000 sf; two buildings totaling 57,000 sf at 4550 Worth St.; an 80,000-sf building at 4578 Worth St. The two Vernon buildings total 95,000 sf at 2322 and 2380 E. 51st St. in Vernon. The Oakland property is a 48,000-sf building at 3925 Alameda Ave. that is across the street from a former K-Mart that will soon be opening anew as a Home Depot. Rexford will likely hold that property until the area matures and the building can be sold for a retail site.With the acquisition of the Smooke portfolio, Rexford has acquired more than 1.6 million sf of industrial properties in the past 24 months, including properties under construction. Among its projects is the 240,000-sf Don Julian Commerce Center, a two-building multi-tenant industrial complex at 15251 and 15255 Don Julian Road. Schwimmer tells GlobeSt.com that Rexford is about two weeks away from finishing construction on the 150,000-sf first phase of the project, which is 50% leased.

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