Los Angeles Real Estate News
S.Cal based Rexford Industrial Realty Inc. acquired 4 industrial properties totaling $69.6 million. This included a single-tenant 143.4k sq.ft. industrial building located on 6.79 acres in Inglewood in the West L.A./South Bay submarket (leased to Federal Express Corp.) for $53.9 million, or $376 per sq.ft. The company also sold two properties totaling $30.6 million. Year to date, Rexford has completed approximately $96.2 million of dispositions with all the proceeds used to fund acquisitions.
A 243-unit apartment porfolio in the San Fernando Valley was purchased for $51 million ($210 per unit) in two separate transactions. The Seller, also the original developer and property manager of all five assets for thirty years, sold three of the properties including a 105-unit apartment complex in Sherman Oaks. The other two properties in Lake Balboa consisted of a 48 and 54-unit apartment community and were purchased by Lino Real Estate. See Article.
Venture West Funding Inc., an El Segundo mortgage company has arranged the refinancing of loans on two apartment buildings totaling 120 units for nearly $51 million. The 3-year, interest-only loans, at a 7-year fixed rate are being utilized by the borrower and developer of the newly constructed buildings, Wesiman Residential of Sawtelle, to pay off construction loans. See Article.