Rexford Industrial Realty, Inc. announced the acquisition of two industrial properties comprising 629,224 square feet of improvements across eight industrial buildings for an aggregate purchase price of $194.4 million. The acquisitions were funded using cash on hand. In August, the company acquired the following properties through off-market transactions: 8210-8240 Haskell Ave, located in Van Nuys, within the LA San Fernando Valley submarket for $12.4 million or $233 per square foot. The property comprises three vacant industrial buildings containing 53,248 square feet of improvements on 2.3 acres of land located adjacent to the I-405 freeway with immediate access to US-101 and Van Nuys Airport. The company intends to execute a value-add repositioning program to modernize and increase functionality of the buildings. The stabilized unlevered cash yield on total investment is projected to start at 5.0% upon lease-up with growth expected thereafter. According to CBRE, the vacancy rate in the 182 million square-foot LA San Fernando Valley submarket was 1.4% at the end of the second quarter 2021. 3100 Lomita Blvd, located in Torrance, within the LA South Bay submarket for $182.0 million or $316 per square foot. The 91% leased, 575,976 square foot, five-building light industrial and manufacturing campus is located in Western Torrance on 26.6 acres of land within a premier infill South Bay location. The property, currently leased to three credit tenants on long term leases, is positioned to generate an initial yield of 5.3%, growing over time with approximately 3.0% annual contractual rent escalations. Upon expiration of the leases, the company intends to either renew the entrenched tenants or construct new Class A industrial buildings on the site. In connection with the transaction, the Company prepaid an existing loan on the property and incurred a $20.4 million prepayment fee in addition to the purchase price at closing. According to CBRE, the vacancy rate in the 218 million square-foot LA South Bay submarket was 0.6% at the end of the second quarter 2021.