Rexford Industrial Buys Property In Simi Valley, California For $15.8 Mln

(RTTNews) - Rexford Industrial Realty Inc. (REXR), a real estate investment trust, announced Wednesday that it has acquired a 199,370 square foot industrial and office property located in Simi Valley, California, for $15.8 million, or $79 per square foot.

The acquisition was fully funded through the company's existing line of credit.

The company noted that the project consists of a 30' clear, ESFR single-tenant industrial building with 136,065 square feet and a two-story office building with 63,305 square feet, situated on 16.3 acres of land.

The industrial building is 100 percent leased to Kingsbridge International, Inc. for ten years. The office building, which is situated on a separate parcel and is currently vacant, is being marketed for sale or lease.

The property is located at 2900-2950 Madera Road, in Simi Valley, California, immediately adjacent to the San Fernando Valley in Los Angeles.

Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers, said, "We purchased the buildings from an owner / occupant in a long-term sale-leaseback of the industrial building established in conjunction with the acquisition. As we move into 2014, we will continue to pursue opportunities to selectively grow our Southern California industrial portfolio and to increase our operating efficiencies and cash flow."

The company said it has completed $154.1 million worth acquisitions to date in 2013.