{"id":407308,"date":"2021-01-04T07:03:41","date_gmt":"2021-01-04T12:03:41","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=407308"},"modified":"2021-01-04T07:03:41","modified_gmt":"2021-01-04T12:03:41","slug":"rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/","title":{"rendered":"Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million"},"content":{"rendered":"
\n

– Full Year 2020 Acquisitions Total $1.22 Billion –<\/h2>\n

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

\n

\n LOS ANGELES<\/span>, Jan. 4, 2021<\/span> \/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\u00a0the acquisition of a four-building industrial portfolio\u00a0and an industrial outdoor storage\u00a0property for $103<\/span>.1\u00a0million. The acquisitions\u00a0closed on December 31, 2020<\/span> and\u00a0were\u00a0funded using newly issued operating partnership units\u00a0(the “OP Units”)\u00a0and cash on hand.\u00a0 For the full year 2020, the Company acquired $1.22 billion<\/span> in industrial properties, representing 5.0\u00a0million square feet, bringing the Company’s\u00a0total portfolio to\u00a0248 properties comprising\u00a0approximately 31.5 million square feet.\u00a0 <\/p>\n

“Our transaction activity continues to demonstrate Rexford’s ability to capitalize upon our\u00a0proprietary\u00a0research- and relationship-driven investment pipeline\u00a0to acquire high-quality, irreplaceable industrial property within supply-constrained infill Southern California<\/span>,” said Howard Schwimmer<\/span> and Michael Frankel<\/span>, Co-Chief Executive Officers of the Company.\u00a0“This portfolio acquisition provided the seller with the unique opportunity to contribute its\u00a0property to Rexford through a tax-efficient UPREIT transaction. We also acquired an\u00a0industrial outdoor storage property\u00a0at South Lewis Street at\u00a0a favorable\u00a0land cost\u00a0basis, with the potential\u00a0to construct a new,\u00a0Class A distribution facility\u00a0designed to serve\u00a0unmet\u00a0last-mile logistics demand.\u00a0Looking ahead, we believe our deep local market expertise,\u00a0focus on value-creation\u00a0and our low-leverage balance sheet position the Company\u00a0to drive\u00a0accretive\u00a0internal and external growth and long-term\u00a0shareholder value.”<\/p>\n

The Company acquired through an off-market transaction a portfolio of four high quality,\u00a0modern single-tenant industrial properties\u00a0located in the San Fernando Valley, Mid-Counties and Inland Empire West\u00a0submarkets\u00a0for $86.3 million<\/span>, or $208<\/span> per square foot. The properties contain a total of 414,744 square feet\u00a0of improvements\u00a0on 25.23 acres of land and are 100% leased at rents estimated to be 15%\u00a0below market\u00a0rates. The\u00a0unlevered yield on total investment is expected to stabilize at approximately 4.3% after near-term leases roll, with further\u00a0cash flow\u00a0growth\u00a0over time.<\/p>\n

The\u00a0portfolio purchase was completed using 1.8 million OP Units, newly issued from the Company’s operating partnership, Rexford Industrial Realty, L.P., at a value of $47.93<\/span> per share,\u00a0which are redeemable by the seller on a one-to-one basis for shares of the Company’s publicly traded common stock.<\/p>\n

The properties are located at 29010 Avenue Paine, Valencia\u00a0(100,157\u00a0square feet); 29010 Commerce Center Drive, Valencia\u00a0(117,151\u00a0square feet); 13369 Valley Boulevard, Fontana<\/span> (105,041\u00a0square feet); and 6635 Caballero Boulevard, Buena Park\u00a0(92,395\u00a0square feet).<\/p>\n

The Company also acquired an industrial outdoor storage\u00a0property located at 1235 South Lewis Street\u00a0in Anaheim<\/span>, within the Orange County<\/span> \u2013 North submarket, for $16.8 million<\/span>, or $80\u00a0per land square foot. The 4.83-acre low-coverage site\u00a0located near Anaheim’s<\/span> fast-growing Platinum Triangle area,\u00a0contains a 62,480 square foot building and is leased at a rent estimated to be 48% below market rates.\u00a0Over time, the Company has the potential\u00a0to\u00a0re-lease at expected higher market rental rates or redevelop the property by constructing\u00a0a new 105,100 square foot Class A distribution facility designed to appeal to a wide range of tenants including last-mile logistics providers. The stabilized unlevered cash yield on total investment for the two\u00a0aforementioned scenarios\u00a0ranges\u00a0from approximately 4.8%\u00a0to 5.3%.\u00a0According to CBRE, the vacancy rate in the 115 million square foot Orange County<\/span> \u2013 North submarket was 1.4% at the end of the third quarter 2020.<\/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 248 properties with approximately 31.5 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

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million-301200033.html<\/a><\/p>\n

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

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

– Full Year 2020 Acquisitions Total $1.22 Billion – PR Newswire LOS ANGELES, Jan. 4, 2021 \/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\u00a0the acquisition of a four-building industrial portfolio\u00a0and an industrial outdoor storage\u00a0property for $103.1\u00a0million. The acquisitions\u00a0closed on December 31, 2020 and\u00a0were\u00a0funded using newly issued operating partnership units\u00a0(the “OP Units”)\u00a0and cash on hand.\u00a0 For the full year 2020, the Company acquired $1.22 billion in industrial properties, representing 5.0\u00a0million square feet, bringing the Company’s\u00a0total portfolio to\u00a0248 properties comprising\u00a0approximately 31.5 million square feet.\u00a0 “Our transaction activity continues to demonstrate Rexford’s ability to capitalize upon … <\/p>\n

Continue reading “Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 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-407308","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 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-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-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 Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"– Full Year 2020 Acquisitions Total $1.22 Billion – PR Newswire LOS ANGELES, Jan. 4, 2021 \/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\u00a0the acquisition of a four-building industrial portfolio\u00a0and an industrial outdoor storage\u00a0property for $103.1\u00a0million. The acquisitions\u00a0closed on December 31, 2020 and\u00a0were\u00a0funded using newly issued operating partnership units\u00a0(the “OP Units”)\u00a0and cash on hand.\u00a0 For the full year 2020, the Company acquired $1.22 billion in industrial properties, representing 5.0\u00a0million square feet, bringing the Company’s\u00a0total portfolio to\u00a0248 properties comprising\u00a0approximately 31.5 million square feet.\u00a0 “Our transaction activity continues to demonstrate Rexford’s ability to capitalize upon … Continue reading "Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-04T12:03:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA36233&sd=2021-01-04\" \/>\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=\"4 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-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million\",\"datePublished\":\"2021-01-04T12:03:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\\\/\"},\"wordCount\":877,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=LA36233&sd=2021-01-04\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\\\/\",\"name\":\"Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million - 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(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\u00a0the acquisition of a four-building industrial portfolio\u00a0and an industrial outdoor storage\u00a0property for $103.1\u00a0million. The acquisitions\u00a0closed on December 31, 2020 and\u00a0were\u00a0funded using newly issued operating partnership units\u00a0(the “OP Units”)\u00a0and cash on hand.\u00a0 For the full year 2020, the Company acquired $1.22 billion in industrial properties, representing 5.0\u00a0million square feet, bringing the Company’s\u00a0total portfolio to\u00a0248 properties comprising\u00a0approximately 31.5 million square feet.\u00a0 “Our transaction activity continues to demonstrate Rexford’s ability to capitalize upon … Continue reading \"Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-04T12:03:41+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA36233&sd=2021-01-04","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million","datePublished":"2021-01-04T12:03:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/"},"wordCount":877,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA36233&sd=2021-01-04","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/rexford-industrial-acquires-four-building-industrial-portfolio-and-outdoor-storage-property-for-103-1-million\/","name":"Rexford Industrial Acquires Four-Building Industrial Portfolio and Outdoor Storage Property for $103.1 Million - 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