Rexford Industrial Acquires Four Industrial Properties in California Submarkets.
M2 EQUITYBITES-November 30, 2017-Rexford Industrial Acquires Four Industrial Properties in California Submarkets
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30 November 2017 - California, US-based real estate investment trust Rexford Industrial Realty, Inc. (NYSE: REXR) has acquired four Southern California-based industrial properties for an aggregate price of approximately USD 69.6m, the company said.
The acquisitions were funded using cash on hand, draws on the company's line of credit and proceeds from two dispositions totaling USD 30.6 m.
Rexford said it continues acquire prime industrial properties in high-demand industrial markets in the country infill Southern California.
The company said it plans to continue to recycle capital into accretive high-quality, leased industrial products.
Year to date, Rexford has exceeded USD 600m in acquisitions, sees opportunities to execute internal and external growth strategies to drive cash flow and shareholder value.
In this recent acquisition, the company acquired property in Los Angeles/West Los Angeles/South Bay submarket for USD 53.9m, or USD 376 per square foot.
Also in the Los Angeles South Bay submarket, the company acquired a two-property portfolio for USD 6.7m, or USD 112 per square foot.
The company acquired an improved land site the Los Angeles Central submarket for USD 9.0m, or approximately USD 49 per square foot of land. The company sold property in the Central San Diego submarket for approximately USD 7.6m, or USD 190 per square foot.
In a separate transaction, the company sold property in the Greater San Fernando Valley submarket for USD 23m, or USD 152 per square foot.
Year to date, the company has completed approximately USD 96.2m of dispositions with all proceeds used to fund acquisitions.
Rexford Industrial is focussed on owning and operating industrial properties located in Southern California infill markets.
The company owns 148 properties with approximately 18.1m rentable square feet and manages an additional 19 properties with approximately 1.2m rentable square feet.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 30, 2017|
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