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Los Angeles Real Estate News

Rexford Acquires Properties for $69.6 million

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.

5 Property Apartment Porfolio in San Fernando Valley Sells for $51 Million

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.

El Segundo Apartment Buildings Refinanced for $51 Million

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.