LOS ANGELES—This was a busy year for industrial investors, who saw swelling competition for product in the face of extremely tight supply throughout Southern California. Rexford Industrial remained focused on off-market transactions this year in an effort to acquire $250 million in value-add industrial product. With the year officially at a close, Rexford came in just shy of its goal, buying $247 million in product this year and increasing its portfolio size by 21%.

“On marketed transactions, we are seeing pricing continue to approach what some people might describe as peak levels, and, for that reason, we primarily focus on off-market transactions,” Michael Frankel, the co-CEO of Rexford Industrial, tells GlobeSt.com, adding that the firm finds opportunities through professional contacts and maintains a competitive edge by buying off-market.

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