Rexford Industrial Fund V REIT has purchased a 48,350 square foot industrial building that's fully leased to The Los Angeles Times for $5.1 million. The Pasadena, CA building at 121-125 North Vinedo Ave. was acquired in an all-cash purchase from an undisclosed source. Cushman & Wakefield represented both the buyer and the seller in the transaction.
"This acquisition aligns with our strategy of acquiring stabilized and value-add industrial properties in strong infill markets," said Howard Schwimmer, co-founder and senior managing partner of Rexford Industrial, in a statement. "The Southern California industrial market continues to demonstrate favorable market fundamentals and the unique opportunity to add value by acquiring assets at substantially below replacement cost."
For more news and information visit Blumberg Capital Partners.
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