Rexford Industrial Realty announced the acquisition of an industrial property for a purchase price of $210M. The acquisition was funded using proceeds from forward equity settlements of which the company now has approximately $448M remaining for settlement. The company acquired 9400 Santa Fe Springs Road, Santa Fe Springs, located in the LA – Mid-Counties submarket for $210M, or $353 per square foot. Situated on 22.4 acres and 100% leased to two tenants, the 595,304 square foot building delivers a high degree of functionality within a submarket demonstrating an extreme scarcity of similar size and quality available product. The investment generates an initial unlevered cash yield of 5.0% projected to grow to an unlevered stabilized cash yield on total investment of 6.2% through re-leasing at market rents and contractual annual rent increases of 4.0%.
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