Rexford Industrial acquires three industrial properties for $357.2M

Rexford Industrial Realty announced three industrial property acquisitions for an aggregate purchase price of $357.2M. The Company also announced the disposition of one property for $17.0M. The acquisitions were funded using a combination of cash on hand, proceeds from forward equity settlements and the Company’s recent public bond offering. Howard Schwimmer and Michael Frankel, Co-CEO, said, "As the nation’s largest pure-play, U.S. focused industrial REIT, Rexford Industrial is well-positioned to drive accretive internal cash flow growth as we roll our substantially below-market leases to higher market rents and through the lease-up of our repositioning and redevelopment projects currently in-process. In addition, with approximately 2% market share within the highly-fragmented infill Southern California industrial market and with a near-term investment pipeline of over $125M of acquisitions under contract or accepted offer, the Company continues to leverage its local, sharp-shooter advantage to expand our infill Southern California industrial property portfolio in a highly accretive manner. Bolstered by our low-leverage, best-in-class balance sheet, the Company is favorably positioned to deliver long-term value creation for our shareholders." The Company acquired: 3520 Challenger Street, Torrance, located in the LA – South Bay submarket for $14.2M; 9000 Airport Boulevard, Los Angeles, located in the LA – South Bay submarket for $143.0M; 9223 and 9323 Balboa Avenue and 4285 Ponderosa Avenue, San Diego, located in the Central San Diego submarket for $200.0M. In March, the Company disposed 8101-8117 Orion Avenue, Van Nuys, located in the Greater San Fernando Valley submarket for $17.0M.