[Rexford] – Rexford Industrial Realty Inc., a Los Angeles-based real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, announced Tuesday that it has acquired Avenue Kearny, a 138,980 square foot industrial park in Valencia for $11.5 million, or $83 per square foot. The acquisition was funded with proceeds from the company’s revolving credit facility.

“Our acquisition of Avenue Kearny is the latest example of Rexford’s ability to source off-market value-add acquisitions of well-located industrial properties in infill submarkets such as Santa Clarita, where there is high demand and a distinct lack of supply of buildings over 50,000 square feet,” said Howard Schwimmer and Michael Frankel, co-CEOs of the company.

Avenue Kearny consists of two free-standing buildings, situated on two land parcels totaling 6.0 acres in the Valencia Industrial Center. They are currently 100-percent leased to a single-tenant. In the future, Rexford plans to upgrade the property with overall aesthetic improvements and functional enhancements, to enable the opportunity to capture higher rents upon renewing or re-tenanting.

As of June 30, according to CBRE, the vacancy rate for industrial properties in the 172 million square foot Greater San Fernando Valley submarket stood at 1.3 percent.

About Rexford Industrial

Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 88 properties with approximately 9.6 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.