Los Angeles Business Journal

Rexford Industrial Makes Valley Acquisitions

By Business Journal Staff Originally published August 12, 2013 at 3:10 p.m., updated August 16, 2013 at 12:43 p.m.

EDITOR'S NOTE: This story has been changed to correct details about properties that Rexford has acquired over the past year.

Rexford Industrial Realty Inc. has added to its Valley-area portfolio with a pair of industrial purchases worth about $14 million, the company announced Monday.

The Brentwood real estate investment firm acquired a 75,288 square-foot multi-tenant industrial complex at 18310-18330 Oxnard St. in Tarzana for a little more than $8.4 million, and a 48,388 square-foot building at 8101-8117 Orion Ave. in Van Nuys for $5.6 million.

The all-cash sales closed on July 25, according to real estate data firm CoStar Group Inc.

The deals comes less than one month after Rexford raised $224 million in its initial public offering. The company was founded by L.A. real estate mogul Richard Ziman, who serves as its chairman. It has interests in 61 properties with about 6.7 million rentable square feet, in addition to managing another 20 properties with about 1.2 million rentable square feet.

Since January, the company paid $56.2 million for a 473,345-square-foot Glendale industrial park and $5.6 million for a Van Nuys industrial property, and in July 2012 bought a Camarillo industrial complex for $59 million. It also owns several other properties in Burbank, Sylmar and Valencia.

Shares closed up 14 cents, or more than 1 percent, at $13.60 on the New York Stock Exchange.