Rexford Finishes 2022 with $2.4B in Industrial Acquisitions
Real estate investment trust Rexford Industrial Realty had another busy year, closing out 2022 by acquiring 10 industrial properties in Southern California in the fourth quarter, totaling $336 million. According to the Los Angeles Business Journal, the firm’s annual acquisitions totaled $2.4 billion, an increase of $500 million from 2021.
In the final three months of the year, Rexford purchased a South Bay and Inland Empire portfolio for $198 million, a five-acre site on Figueroa in LA for $49 million, an eight-acre property in Irwindale for $40 million, a three-acre parcel in Rancho Dominguez for $28 million, a two-acre site in Van Nuys for $11 million and a 34,000-square-foot building in Corona for $10.5 million.
Rexford’s Howard Schwimmer and Michael Frankel said the busy year demonstrated the REIT’s ability to “drive substantial, above-market value creation and return on investment, while highlighting our unique position as the nation’s largest pure-play, U.S.-focused industrial REIT.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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