Rexford Industrial Realty Inc announced last week that it has bought the five-building complex Ontario Airport Business Park in California. The acquisition deal was reportedly valued at around $8.55 million, according to Westside Today.
The newly acquired business park is situated adjacent to the Ontario International Airport at Milliken Avenue and Santa Ana Street, the report detailed.
Based on a statement issued by Rexford, the property was bought through a 1031 Exchange. This is a tax-deferred tool used in the acquisition of real estate property. According to Rexford, it used part of the cash derived from the sale of San Diego-based Kaiser to fund the acquisition deal. The Kaiser deal was worth $10.1 million, the report explained.
Co-Chief Executive Officers (CEOs) Howard Schwimmer and Michael Frankel said of the newly acquired property: "The property is a high quality industrial park, located in an 'A' location, with the potential to drive rental rates on future leasing activity as we implement our marketing and management programs. Further, with the sale of Kaiser, we were able to recycle capital into an opportunity to create additional value in a capital-efficient and tax-efficient transaction."
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