Rexford Industrial Realty has acquired a six-building industrial portfolio for $93.8 million and an industrial outdoor storage yard for $16.8 million.
“We continue to leverage our proprietary, research-driven originations platform to source attractive off-market investment opportunities in the high-demand, low-supply Southern California infill industrial market,” stated Howard Schwimmer and Michael Frankel, co-CEOs of the company. “Acquired from its long-time owners and original developers, the Vernon portfolio acquisition demonstrates the strength of our local relationships and off-market sourcing advantage. This irreplaceable portfolio, located in close proximity to downtown Los Angeles, serves last-mile logistics demand providing an opportunity to proactively drive rent growth over time. Separately, acquired at an attractive land basis, Greenstone Avenue provides highly-sought-after industrial outdoor storage within a dense infill location. Year-to
