LOS ANGELES, April 24, 2013 /PRNewswire/ -- Rexford Industrial has acquired a 473,345 square foot, institutional quality industrial complex in Glendale, California. The property was purchased from a non-disclosed institutional owner in a $56,200,000 transaction.
The seven-building industrial complex spans 21 acres and is located at 3332-3424 North San Fernando Road & 3550 Tyburn Street, Los Angeles ("Glendale PO"). The property is centrally located in Southern California's San Fernando Valley, with convenient access to Interstate 5, in close proximity to Burbank and downtown Los Angeles.
The high quality property is comprised of single and multi-tenant industrial buildings, including two retail frontage buildings. The project is 100% leased to 27 tenants, with major tenants including Staples, Anderson Printing, Nordstrom and Pep Boys.
"This is one of the best industrial parks serving the high demand Glendale/ Burbank market area and has consistently demonstrated strong occupancy, "said Howard Schwimmer, co-founder and Senior Managing Partner of Rexford Industrial. "The project contains tenant spaces ranging from 3,000 to 50,000 SF offering high ceiling clearance and dock-high loading; both are a rare commodity in this market"."This well-located, institutional quality industrial complex demonstrates our strategy of investing in highly-sought-after infill Southern California locations," said Michael Frankel, Rexford's Managing Partner. "These buildings are of superior quality and contain a diverse tenant mix." Both the buyer and seller were represented by Steve Silk, Jay Borzi and Adam Pastor of Eastdil Secured. About Rexford Industrial Rexford Industrial is a leading industrial real estate investment firm that acquires, manages and develops all classes of industrial properties located in Southern California, including core, value-add, repositioning and re-development. Rexford is now acquiring more than $500 million of industrial property with its proprietary industrial funds, including Rexford Industrial Fund V REIT. Rexford accomplishes this through its creative and entrepreneurial approach to value creation combined with a conservative, risk-averse investment strategy that is designed to perform well during all phases of the real estate cycle. For additional information, visit www.rexfordindustrial.com. SOURCE Rexford Industrial