Rexford Industrial, a Los Angeles-based industrial real estate investment firm, has purchased a 473,345-square-foot institutional quality industrial complex in Glendale, California for $56.2 million. Rexford purchased the property from Australian real estate company Dexus Property Group, which has offices in Newport Beach, according to a San Fernando Valley Business Journal report. Stephen Silk, Jay Borzi and Adam Pastor of Eastdil Secured LLC represented both the buyer and the seller. The sale means that Dexus no longer holds any properties in the US.
"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."
Located at 3550 Tyburn Street & 3332-3424 North San Fernando Road, the property includes both single and multi-tenant buildings as well as two retail frontage buildings. According to press releases regarding the sale, the 7-building complex was 100% leased at the time of sale to 27 tenants, including Staples, Anderson Printing, Nordstrom and Pep Boys.
For more news and information visit Blumberg Capital Partners.
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