Rexford Industrial Realty Inc. recently acquired five industrial properties comprising 660,254 square feet of improvements on 28.8 acres for an aggregate purchase price of $188.9 million. The acquisitions were funded using a combination of cash on hand and proceeds from the company’s previously executed forward equity offerings.

“Rexford Industrial continues to leverage our proprietary access to the nation’s most highly sought-after industrial property market within infill Southern California,” say Howard Schwimmer and Michael Frankel, Rexford co-chief executive officers. “Unprecedented tenant demand continues to intensify, driven by the post-pandemic economic resurgence and e-commerce related impacts that disproportionately benefit our last-mile Southern California industrial market.

“With infill Southern California occupancy near full capacity amidst a deep incurable supply-demand imbalance, we believe these investments are well-positioned to drive favorable cash flow growth as we execute our value-creation strategies,” they continue. “Year-to-date, we have completed $420 million of acquisitions with over $600 million of additional investments under contract or LOI. We are well-positioned with a low-leverage balance sheet and substantial liquidity to drive shareholder value through accretive internal and external growth.”