Rexford Industrial Makes Two L.A. County BuysThursday, January 16, 2014
Rexford Industrial Realty Inc. on Thursday said it had acquired two industrial properties in South Bay and the San Fernando Valley for a combined $8.3 million.
The West Los Angeles real estate investment trust said one of the properties is called Rosecrans, a 72,000-square-foot industrial facility in Paramount. The other property is called Vanowen, a 31,037 square foot industrial building near Bob Hope Airport in Burbank. Both facilities were fully occupied at close. The REIT tapped its existing line of credit to make the purchases.
“We purchased both of these buildings in off-market transactions where our relationships and ability to close quickly were decided advantages,” Co-Chief Executives Howard Schwimmer and Michael Frankel said in a statement.
Shares closed unchanged at $13.17 on the New York Stock Exchange.