Industrial Buys Demonstrate Rexford’s Focus in SoCal Supply-Constrained Infill

Rexford Industrial Realty Inc. recently acquired two industrial properties comprised of an aggregate 421,824 square feet and one 80.2-acre industrial storage site for $285.6 million. The acquisitions were funded using a combination of 1031 disposition proceeds, cash on hand and proceeds from the company’s previously executed equity offerings.

“These transactions demonstrate Rexford’s strategic focus in supply-constrained infill Southern California, the nation’s most sought-after industrial market,” said Howard Schwimmer and Michael Frankel, co-chief executive officers of the company. “Acquired through off-market and lightly marketed transactions, these investments contribute favorable current cash flow plus future value-add opportunity to drive superior long-term value creation.”

The acquisitions were 2500 E. Victoria St. in Rancho Dominguez within the LA-South Bay submarket for $217.1 million or $62 per square foot (land), 5772 Jurupa St. in Ontario for $54 million or $150 per square foot and 1010 E. Belmont St. in Ontario for $14.5 million or $235 per square foot.