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Rexford Acquires 18-Building SoCal Industrial Portfolio for $155M

Los Angeles-based Rexford Industrial Realty, Inc. acquired Van Nuys Airport Industrial Center, an industrial property portfolio in Van Nuys, for $154.6 million. The acquisition was funded with cash on hand. The business park property was held by the Daily Family since the 1930’s.

Rexford’s Howard Schwimmer says, “This investment demonstrates Rexford’s sharp-shooter advantage by leveraging our proprietary originations platform to acquire an 18-building portfolio of irreplaceable industrial properties through an off-market transaction in one of the nation’s lowest-supply, highest-demand submarkets.”

The off-market deal for Van Nuys Airport Industrial Center comprises 18 separately parceled buildings totaling 426,466 square feet on 22.68 acres of land acquired for $140.6 million, or $330-per-square foot, plus two fully-leased industrial outside storage land parcels totaling 4.14 acres acquired for $14 million.

The portfolio is 99% leased to a high-quality tenant base including Fortune 500 companies as well as the General Services Administration, with rents estimated to be approximately 6% below current market rates.

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For comments, questions or concerns, please contact Dennis Kaiser

*Pictured aerial of properties surrounding Van Nuys Airport


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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