LOS ANGELES, June 12, 2013 /PRNewswire/ -- Rexford Industrial has acquired a 100,851 square foot distribution warehouse located at 1661 West 240th Street, in the Los Angeles South Bay region. The property was purchased for $5,270,000 ($52.26 per square foot) with a short term sale lease-back to the owner who will be consolidating the company's operations to the East Coast.
Rexford is planning to fully renovate and modernize the property into a state-of-the-art single-tenant distribution/warehouse, adding substantial dock-high loading capacity. The site is ideally located in Southern California's South Bay sub-market, one of the top performing industrial markets in the country, within close proximity to the ports of Los Angeles and Long Beach and just off interstate highway 110.
"This property offers great upside potential," said Howard Schwimmer, co-founder and Senior Managing Partner of Rexford Industrial. "The renovated building will ideally serve port related users offering a large amount of parking with the addition of 13 new dock loading positions."
Both buyer and seller were represented by Michael Collins, Peter Von Hagen and Jeffery Potter of Daum Commercial Real Estate in an all cash transaction.
About Rexford Industrial
Rexford Industrial is a leading industrial real estate investment firm that acquires, manages and develops all classes of industrial properties located in Southern California, including core, core plus, value add, and first mortgages tied to industrial property. Rexford is now acquiring more than $500 million of industrial property with its proprietary industrial funds, including Rexford Industrial Fund V REIT. Rexford accomplishes this through its creative and entrepreneurial approach to value creation combined with a conservative, risk-averse investment strategy that is designed to perform well during all phases of the real estate cycle.
SOURCE Rexford Industrial
