Los Angeles Business Journal

Rexford Industrial Buys Ontario Industrial Park

By Deborah Crowe Thursday, February 13, 2014

Rexford Industrial Realty Inc. on Thursday said it acquired Ontario Airport Business Park next to LA/Ontario International Airport for $8.55 million.

The West Los Angeles real estate investment trust said the five-building, 113,612-square-foot industrial complex at Milliken Avenue and Santa Ana Street is about 95 percent occupied.

“The property is a high quality industrial park in an 'A' location with the potential to drive rental rates on future leasing activity as we implement our marketing and management programs," Co-Chief Executives Howard Schwimmer and Michael Frankel said in a statement.

Rexford, which targets properties in Southern California infill markets, said it bought the park using a tax-deferred 1031 exchange, with a portion of proceeds from the sale of a 124,640 square foot industrial property in San Diego.

Shares closed up 30 cents, or 2 percent, to $13.70 on the New York Stock Exchange.