(Read more on the industrial market.)

LOS ANGELES-Rexford Industrial has acquired three properties in California and Nevada for $33 million as part of its plans to invest $375 million in building its portfolio this year. The privately held firm will add an estimated three million sf more to the company’s portfolio with this year’s acquisitions, according to Howard Schwimmer, managing member of Rexford.

Each of the three properties that Rexford bought has its own unique investment potential, according to Schwimmer, who says that Rexford is looking at both value-added opportunities and stabilized assets. The three sites include one in Las Vegas, one in Rancho Cucamonga in the Inland Empire and a property in the South Bay submarket of Los Angeles.

In Las Vegas, Rexford expanded its portfolio of class A industrial assets with the purchase of Silverado Business Park, a 165,000-sf multi-tenant industrial park at 4114-4216 N. Pecos Rd. Rexford acquired the property from Silverado Eagle Industrial Park LLC for $18.9 million.

The Silverado property is leased to high-credit tenants including Scholastic Books, Sherwin Williams and Mothers Cake & Cookie Co. Both Rexford and the seller were represented by Bill Palmer, Roman Benvenutti and Roman Rosario of the Palmer Team.

John Caley, executive vice president of acquisitions with Rexford, points out that the project represented an opportunity to acquire a class A industrial park in a premier location in North Las Vegas, which he describes as “one of the only remaining growth corridors in the Las Vegas area.” North Las Vegas is quickly being built out, with vacancies below 5% and little to no land available for new development, Caley notes.

In Rancho Cucamonga, Rexford acquired a 62,677-sf multi-tenant business park at 9375 Archibald Ave. from 9375 Associates LP and Diversified Partners Inc. for $7.3 million. The site contains four multi-tenant concrete block industrial buildings totaling 33,000 sf and three two-story wood-frame office buildings totaling 29,677 sf on two land parcels totaling 4.99 acres. Both the seller and Rexford were represented by Dennis Vacarro and Nick Coo of Faris Lee Investments.

According to Schwimmer, Rexford bought the infill property at a price below replacement cost, making it an opportunity to add value. Rexford’s business plan for the property includes cosmetic upgrades to the office structures, as well as general clean up and landscaping upgrades, selectively replacing tenancies and moving rents to market levels.

In Long Beach, Rexford acquired a group of buildings totaling 70,000 sf for $7.5 million from private seller Anthony Stauffer and the Sebits Living Trust. In this case, Rexford opened a six-day escrow five days after learning that the property was available, and the escrow and transaction closed within six days, says Michael Frankel, chief financial officer and principal with Rexford.

The buildings are located at 2708 Seaboard and 6010 Paramount Blvd. and at 639 and 641 Walnut St. Rexford sees opportunities for value-creation and rent growth, including condominium sales or individual building sales. Brokers Jeff Smart of Grubb & Ellis and Michael Moore and Scott Schumacher of CB Richard Ellis represented both Rexford and the seller.

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