{"id":383763,"date":"2020-11-18T07:03:40","date_gmt":"2020-11-18T12:03:40","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=383763"},"modified":"2020-11-18T07:03:40","modified_gmt":"2020-11-18T12:03:40","slug":"rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\/","title":{"rendered":"Rexford Industrial Acquires Two Southern California Industrial Properties For $339.2 million"},"content":{"rendered":"
\n

– Adds Over 1.1 Million Square Feet of Prime Infill Southern California Locations –<\/h2>\n

– 2020 Acquisitions Total $729.3 Million –<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n LOS ANGELES<\/span>, Nov. 18,\u00a02020 \/PRNewswire\/ —\u00a0Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in\u00a0and operating industrial properties located in Southern California<\/span> infill markets, today announced the acquisition\u00a0of a four-building industrial complex and a three-tenant\u00a0industrial property\u00a0for\u00a0$339.2\u00a0million. The acquisitions\u00a0were\u00a0funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units.<\/p>\n

“These investments\u00a0contribute towards the\u00a0accretive growth of\u00a0our portfolio\u00a0within the highly sought-after Southern California<\/span> industrial market,” stated Howard Schwimmer<\/span> and Michael Frankel<\/span>, Co-Chief Executive Officers of the Company.\u00a0“Gateway Pointe\u00a0Industrial Campus provides\u00a0nearly one million square feet of institutional quality, Class A\u00a0industrial space\u00a0ideally positioned to serve\u00a0last-mile, ecommerce-oriented\u00a0tenant\u00a0demand. The Balboa Boulevard\u00a0acquisition\u00a0leverages\u00a0our ability to offer Operating Partnership\u00a0Units in exchange for a Class A industrial property\u00a0through\u00a0a tax-efficient UPREIT structure\u00a0in an off-market transaction.\u00a0Year to date we have closed nearly $730 million<\/span> of acquisitions, the majority of which have been off market or lightly marketed transactions, leveraging our differentiated, research driven platform and market expertise.\u00a0 As we look ahead, our acquisition pipeline remains strong with approximately $600 million<\/span> of new investments under LOI or contract and expected to close in the coming months.\u00a0Rexford\u00a0is\u00a0exceptionally well positioned to capitalize on the demand for industrial space within infill Southern California\u00a0as we execute\u00a0our internal and external growth strategies\u00a0to create shareholder value.”<\/p>\n

The Company acquired Gateway Pointe Industrial Campus\u00a0located at 3963, 3931, 3735, and 3629 Workman Mill Road in Whittier<\/span>, within the LA \u2013 Mid-Counties\u00a0submarket, for $296.6 million<\/span>, or $300<\/span> per square foot.\u00a0The\u00a045.12 acre project\u00a0comprises\u00a0four Class A industrial buildings containing 989,195 square feet,\u00a0leased at rents estimated to be approximately 21% below current market\u00a0rates. The\u00a0100% occupied property\u00a0features 32′ clear heights\u00a0at first bay, extensive dock-high loading, excess container parking and\u00a0favorable access\u00a0to major\u00a0transportation corridors. The Company intends\u00a0to drive cash flow growth by capitalizing upon below-market in-place rents to renew in-place tenants or re-tenant\u00a0at higher market rates.\u00a0The Company funded the acquisition with a combination of cash on hand and 1031 proceeds from prior dispositions. The\u00a0unlevered cash\u00a0yield on total investment grows from 3.6%\u00a0at initial stabilization to over\u00a04%\u00a0through steady cash flow growth from contractual annual rent escalators as well as with mark-to-market upside as leases roll over the next several years.\u00a0\u00a0According to CBRE, the vacancy rate in the 112\u00a0million square foot LA \u2013 Mid-Counties\u00a0submarket was 2.2%\u00a0at the end of the third quarter 2020.<\/p>\n

In addition, the Company\u00a0acquired through an off-market transaction 13943-13955 Balboa\u00a0Boulevard, located in Sylmar<\/span> within the LA \u2013 San Fernando Valley submarket,\u00a0for\u00a0$42.6 million, or $212<\/span> per square foot.\u00a0The 100% occupied,\u00a0three-tenant Class A industrial building\u00a0contains 200,632 square feet on 10.5 acres\u00a0of land.\u00a0In-place\u00a0rents are estimated to be approximately 19%\u00a0below market with near-term expirations.\u00a0The company expects to drive cash flow growth\u00a0by completing\u00a0moderate capital improvements\u00a0and renewing\u00a0or releasing\u00a0at higher market rental rates.\u00a0The initial yield\u00a0is 4.4% and the stabilized yield on total cost\u00a0for the investment\u00a0is projected to be 4.9%, with continued cash flow growth projected into future periods.\u00a0According to CBRE, the vacancy rate in the 175 million square foot LA \u2013 San Fernando Valley submarket was 2.7% at the end of the third quarter 2020.<\/p>\n

The OP\u00a0Units, newly issued\u00a0from the Company’s operating partnership,\u00a0Rexford Industrial Realty, L.P.,\u00a0used to fund the Balboa acquisition\u00a0are redeemable by the seller on a one-to-one basis for shares of the Company’s publicly traded common stock.<\/p>\n

\n About Rexford Industrial<\/b>\n <\/p>\n

Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California<\/span> infill markets, owns 235 properties with approximately 29.2 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.<\/p>\n

For additional information, visit www.rexfordindustrial.com<\/a>.<\/p>\n

\n Forward-Looking Statements<\/b>\n <\/p>\n

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019<\/span> and the Current Report on Form 8-K filed with the SEC on or about the date of this press release. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.<\/p>\n

\n Contact:
<\/b>Investor Relations:
Stephen Swett<\/span>
424 256 2153 ext. 401
investorrelations@rexfordindustrial.com<\/a><\/p>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million-301175685.html<\/a><\/p>\n

SOURCE Rexford Industrial Realty, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

– Adds Over 1.1 Million Square Feet of Prime Infill Southern California Locations – – 2020 Acquisitions Total $729.3 Million – PR Newswire LOS ANGELES, Nov. 18,\u00a02020 \/PRNewswire\/ —\u00a0Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in\u00a0and operating industrial properties located in Southern California infill markets, today announced the acquisition\u00a0of a four-building industrial complex and a three-tenant\u00a0industrial property\u00a0for\u00a0$339.2\u00a0million. The acquisitions\u00a0were\u00a0funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. “These investments\u00a0contribute towards the\u00a0accretive growth of\u00a0our portfolio\u00a0within the highly sought-after Southern California industrial market,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the … <\/p>\n

Continue reading “Rexford Industrial Acquires Two Southern California Industrial Properties For $339.2 million”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-383763","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRexford Industrial Acquires Two Southern California Industrial Properties For $339.2 million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexford Industrial Acquires Two Southern California Industrial Properties For $339.2 million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"– Adds Over 1.1 Million Square Feet of Prime Infill Southern California Locations – – 2020 Acquisitions Total $729.3 Million – PR Newswire LOS ANGELES, Nov. 18,\u00a02020 \/PRNewswire\/ —\u00a0Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in\u00a0and operating industrial properties located in Southern California infill markets, today announced the acquisition\u00a0of a four-building industrial complex and a three-tenant\u00a0industrial property\u00a0for\u00a0$339.2\u00a0million. The acquisitions\u00a0were\u00a0funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. “These investments\u00a0contribute towards the\u00a0accretive growth of\u00a0our portfolio\u00a0within the highly sought-after Southern California industrial market,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the … Continue reading "Rexford Industrial Acquires Two Southern California Industrial Properties For $339.2 million"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-18T12:03:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA95719&sd=2020-11-18\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Rexford Industrial Acquires Two Southern California Industrial Properties For $339.2 million\",\"datePublished\":\"2020-11-18T12:03:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\\\/\"},\"wordCount\":947,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=LA95719&sd=2020-11-18\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-two-southern-california-industrial-properties-for-339-2-million\\\/\",\"name\":\"Rexford Industrial Acquires Two Southern California Industrial Properties For $339.2 million - 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