Rexford Industrial Acquires Four Industrial Properties for $251M
Rexford Industrial Realty Inc. recently acquired four industrial properties comprising 837,500 square feet of improvements for an aggregate purchase price of $250.5 million. The acquisitions were funded using cash on hand and proceeds from forward equity settlements.
“These investments demonstrate Rexford’s unique access to supply-constrained infill Southern California, the nation’s most sought-after industrial market,” said Howard Schwimmer and Michael Frankel, co-chief executive officers of Rexford. “With over $1 billion of industrial property acquisitions completed within infill Southern California year-to-date and $375 million of additional investments under contract or accepted offer, the company is well-positioned with a low-leverage, fortress-like balance sheet to create long-term shareholder value.”
1801 E. St. Andrew Place in Santa Ana within the Orange County Airport submarket was acquired for $105.3 million or $115 per square foot (land). The 100 percent leased site comprises a 370,375-square-foot office/warehousing building on 21.3 acres. Upon expiration of in-place leases, the company intends to redevelop the site into a logistics facility.
2401-2421 N. Glassell St. in Orange within the Orange County North submarket was acquired for $70 million or $133 per square foot. The 12.5-acre property contains four office buildings totaling 191,125 square feet.
2390-2444 N. American Way located in Orange within the Orange County North submarket was acquired for $16.7 million or $96 per square foot. The 4-acre vacant site will be redeveloped into two industrial buildings totaling 96,100 square feet.
500 S. Dupont Ave. in Ontario, CA within the Inland Empire West submarket was acquired for $58.5 million or $212 per square foot. The fully leased 276,000-square-foot single-tenant building is located on 11.1 acres.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.