Rexford Industrial Realty, Inc., a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, has acquired three industrial properties for $76 million. The acquisitions were funded using cash on hand.
“These transactions demonstrate our ability to leverage Rexford’s deep market relationships and proprietary originations platform to source attractive investments in the highly-sought-after infill Southern California industrial market,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company.
“These acquisitions contribute over 500,000 square feet of irreplaceable industrial property within high-barrier, prime infill Southern California locations. Year to date, our team has completed over $765 million of investments and, as we look ahead, we remain pleased with the quality of foreseeable opportunities to execute our internal and external growth strategies demonstrating the potential to increase cash flow and shareholder value.”
The Company acquired;
-Slauson Commerce Center, located in City of Commerce within the LA – Central Submarket, for $41.3 million, or $123 per square foot.
– 2328 Teller Road, a multi-tenant industrial complex located in Thousand Oaks, within the Ventura County submarket, for $23.3 million, or $184 per square foot.
– through an off-market transaction 750 W. Manville Street, located in Compton, within the LA – South Bay submarket, for $11.5 million, or $192 per square foot.