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Grand Commerce Center, a 101,187 square foot, multi-tenant industrial park in Santa Ana, has sold to Rexford Industrial for $7.8 million. The transaction marks the first acquisition for the newly formed Rexford Industrial Fund V REIT, Rexford Industrial’s fifth Southern California-focused industrial property investment vehicle.
Grand Commerce Center is a six-building, 80% leased property in a Santa Ana submarket with an industrial occupancy rate of approximately 96%. The acquisition is consistent with Rexford’s strategy of working with distressed sellers to buy industrial property in infill, high-barrier Southern California industrial markets.
“Favorable market fundamentals and Rexford’s unique penetration of the infill industrial markets in the Southland represent a compelling advantage for our investment strategy,” states Howard Schwimmer, Co-Founder and Managing Partner of Rexford.
Rexford Industrial will soon be announcing the purchase of the underlying notes of several Southland properties, and believes that the combination of seller distress and recovering industrial fundamentals in high barrier markets poses an ideal investment opportunity for the foreseeable future.
 Based in Los Angeles, Rexford owns and operates a portfolio of five million square feet of industrial property. The firm invests in warehouse, R&D/flex space and bulk industrial properties, including both single and multi-tenant projects. Rexford also invests in every category of industrial property, including core, value-add, repositioning and redevelopment.
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