April 12, 2016
Rexford Industrial, a Los Angeles-based REIT, has acquired a private REIT with a portfolio of nine industrial properties in core Southern California infill locations. For a total price of about $191M, exclusive of closing costs, the acquisition represents $125 per square foot.
In total, the portfolio includes 1,530,814 net rentable square feet, and is 100% leased to 12 tenants with a weighted average remaining lease of 4.5 years. With prime core infill locations, the properties are located in Orange County, Los Angeles-San Gabriel Valley, Central San Diego, and Inland Empire West.
Rexford intends to close the deal in Q2 2016. Co-Chief Executive Officers Howard Schwimmer and Michael Frankel said, “We are pleased to demonstrate the continued execution of our strategy to grow our portfolio in infill Southern California’s supply constrained industrial markets to create longterm shareholder value.”