Rexford Industrial Acquires Six SoCal Properties for $218M
June has been a busy month for Rexford Industrial Realty, Inc, as the REIT has purchased six Southern California industrial properties for an aggregate price of $218 million. The acquisitions were funded using a combination of cash on hand and the company’s line of credit.
The property details:
-Panorama City, 18,000 square feet, purchased for $8 million
-Valencia, 176,000 square feet, purchased for $45 million
-Redondo Beach, 50,000 square feet, purchased for $30 million
-Los Angeles/South Bay, 121,000 square feet, purchased for $49 million
-Torrance, 74,000 square feet, purchased for $40 million
-Tustin/OC, 96,000 square feet, purchased for $46 million
“Rexford Industrial continues to leverage its differentiated sourcing advantage and value add expertise within infill Southern California, the nation’s most desirable industrial market,” said the firm’s Co-CEO’s Howard Schwimmer and Michael Frankel. “Our investments year-to-date are expected to generate above-market returns and drive favorable cash flow growth as we execute our value-creation strategies.”
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.