Rexford Industrial Realty, a U.S. industrial real estate firm, has closed on an off-market acquisition of two industrial properties in Downey, Los Angeles for a total purchase price of $26.8 million.
Rexford Industrial purchased 12200 Bellflower Boulevard for $16.3 million, or $64 per land square foot. The short-term leased, single-tenant property contains 54,161 square feet on 5.87 acres of land.
More so, the firm also bought 9607-9623 Imperial Highway for $10.5 million, or $65 per land square foot. The asset consists of a trucking and container yard with 7,466 square feet of office and warehouse space on 3.68 acres of land.
Rexford Industrial acquired the property in a short-term sale-leaseback deal from the prior owner and operator. Upon expiration of the leaseback, the firm plans to refurbish the site and lease it to a trucking and trailer yard user.