Rexford Acquires Three Inland Empire Industrial Properties
As part of a six-property, $153 million Southern California spending spree in April and May, Rexford Industrial Realty has purchased three facilities in Inland Empire. The acquisitions were funded using a combination of cash on hand and the company’s line of credit.
The three properties in Inland Empire are a 35,000-square-foot facility on Holt Boulevard in Ontario for $14 million, a two-building, 124,000-square-foot property on Champagne Avenue in Ontario for $47 million and a 5.5-acre outdoor storage site on Banana Avenue in Fontana for $26 million. Rexford also acquired properties in Panorama City, CA, Glendale, CA and Santa Fe Springs, CA.
“Acquired through off-market and lightly marketed transactions, these investments demonstrate the strength of Rexford Industrial’s differentiated operating platform,” said Rexford’s Howard Schwimmer and Michael Frankel in a news release. “Our team’s entrepreneurial approach enables us to continue securing assets positioned to deliver substantially greater return on investment and cash flow growth.”