REXFORD INDUSTRIAL ACQUIRES $9.3 MILLION INDUSTRIAL BUILDING IN BURBANK, CA
Los Angeles, CA – October 4, 2007
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has acquired a 42,500-square-foot industrial office/warehouse building, located at 901 West Alameda Avenue in Burbank, CA, for $9.3 million. Rexford intends to modernize and upgrade the building for use as creative office and media production space.
The building was built in 1969 as Martino’s Wholesale Bakery and is currently occupied by the seller, Captions, Inc., a film caption editing company. The property was purchased by RIF IV – Burbank, LLC for Rexford’s Industrial Fund IV (RIF IV), the fourth in a series of successful value-add industrial real estate funds managed by Rexford.
Chris Baer of Ramsey Schilling Co. and Kristen Bailey of NAI Capital represented both Rexford Industrial and the seller, Captions, Inc., in the transaction.
The freestanding building, offering substantial surface parking, has 20-foot ceilings, is divisible and is ideally positioned for studio/creative office and post-production users. “This property is in a high profile location – in Burbank’s media district,” said Rexford’s Managing Member and Partner, Howard Schwimmer. “It was an extremely advantageous deal in a very tight market for creative industrial space,” he added.
Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, R&D and flex to bulk industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.
About Rexford Industrial
Rexford Industrial LLC is a leading industrial real estate firm in Southern California. With deep capitalization and streamlined processes, Rexford Industrial invests in growth opportunities in all classes and every category of industrial properties. Rexford offers brokers unique investment incentives and has built a powerful network of loyal relationships in the industry. With a current portfolio of approximately five million square feet valued at more than $600 million, Rexford Industrial currently targets $375 million of additional industrial property acquisitions. The firm is based in Los Angeles.