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.”

Property acquisitions:

• 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.