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.
For comments, questions or concerns, please contact Dennis Kaiser
*Pictured aerial of properties surrounding Van Nuys Airport