A Quartet of SoCal Industrial Properties Purchased for $164M
Rexford Industrial Realty, Inc. has announced the acquisition of four infill Southern California industrial properties for an aggregate purchase price of $164 million. The buildings are located in the LA submarkets of Compton, CA and Panorama City, CA, another property in the Inland Empire city of Ontario, CA and the fourth located in Fullerton, CA in Orange County.
“These investments acquired through off-market transactions reflect our teams ability to leverage its regional sharpshooter advantage and value-add expertise with infill Southern California, the nation’s lowest-supply and highest-demand industrial market,” said Rexford Industrial’s Co-CEO’s Howard Schwimmer and Michael Frankel.
CBRE Vice President Michael Bogle, who represented Rexford Industrial in the $90 million Panorama City acquisition, said, “This property sold at record pricing because of the low vacancy rate in the area and the quality of the tenant and the building. They have made an incredible amount of improvements to the space and are leasing it long term.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.