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.”
- ◦Sale/Acquisition
