In two separate deals, Rexford Industrial Realty has acquired two industrial business parks — one in the San Fernando Valley and the other in San Diego — for $139M.
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The business parks total six buildings and roughly 698K SF.
In San Diego, Rexford purchased 10015 Waples Court, a vacant 106K SF industrial building on 5.4 acres, from Ppf Kearny 10015 Waples Court for $21.3M.
Rexford officials said they plan to reposition the building for two-tenant occupancy to capture higher rental rates.
In Los Angeles, Rexford acquired the San Fernando Business Center at 1150, 1175 and 1245 Aviation Place, 635 Eighth St. and 1145 Arroyo Ave. from Barings Real Estate for $118.1M. The industrial park features five buildings totaling 591,660 SF on 28.6 acres.
Rexford officials said they plan to improve the look of the business park and add other enhancements. The business park is currently 88% occupied.
CBRE's Darla Longo, Barbara Perrier, Rebecca Perlmutter, Brett Hartzell and Eric Cox represented Barings.
"We continue to leverage our deep local knowledge and proprietary sourcing methods to identify high-quality, accretive investments within our target infill Southern California industrial markets," Rexford co-CEOs Howard Schwimmer and Michael Frankel said in a news release.
The recent purchase brings Rexford's industrial acquisition to $397M year to date.
