LOS ANGELES, Aug. 11, 2021 /PRNewswire/ -- Rexford
Industrial Realty, Inc. (the "Company" or "Rexford Industrial")
(NYSE: REXR), a real estate investment trust focused on creating
value by investing in and operating industrial properties
located in Southern California
infill markets, today announced the acquisition of three industrial
properties comprised of a 5.8 acre redevelopment site, a
107,023 SF industrial building and a 22.3 acre industrial outdoor
storage site for an aggregate purchase price
of $115.2 million. The acquisitions were funded
using cash on hand.
"These investments demonstrate Rexford's ability to create
value by leveraging our value-add industrial property
expertise and proprietary access to infill Southern
California, the nation's largest and most sought-after
industrial property market," said Howard
Schwimmer and Michael
Frankel, Co-Chief Executive Officers of the
Company. "Year to date, we have completed $585 million of acquisitions, with over
$700 million of new investments under contract
or accepted offer. We are pleased with the quality of our
growth prospects, fueled by our low leverage balance
sheet, as we capitalize upon our deep local market
knowledge and focus on value-creation to create long-term
value for our stakeholders."
In July and August, the Company acquired the following
properties:
- 1901 Via Burton, located in Fullerton, within the Orange
County-North submarket for $24.2 million or $96 per land square
foot. The Company intends to re-develop the current
5.8 acre site into a new 139,000 square foot
warehouse featuring 36' clear height, superior
functionality and a secure storage yard.
The stabilized unlevered cash yield on total
investment is projected to be approximately
5.5% upon lease-up. According to CBRE, the vacancy rate
in the Orange County – North
submarket was 1.4% at the end of the second quarter
2021.
- 1555 S. Cucamonga Ave, located in Ontario, CA, within the Inland
Empire – West submarket for $21.0 million or $51 per land square
foot. Acquired through an off-market transaction, the 100%
leased, 107,023 SF multi-building industrial property is
located on 9.4 acres of land near the Ontario Airport. Following
the near-term expiration of an in-place lease, the Company
intends to redevelop the site with a new 213,000 square
foot modern, Class A logistics building featuring 36-foot
clear heights. The stabilized unlevered cash yield on total
investment is projected to be approximately 6.0% upon
lease-up. According to CBRE, the vacancy rate in Inland Empire
West submarket was 1.0% at the end of the
second quarter 2021.
- 1800 E. Lomita Blvd, located within the LA – South
Bay submarket for $70.0
million or $73 per land square foot. Acquired
through a lightly-marketed transaction, the 22.3 acre
industrial outdoor storage site is 100% leased to credit tenants.
The site is zoned for by-right outdoor container storage and
stacking, a highly desirable feature given its close
proximity to the Los Angeles-Long
Beach port complex. The investment generates an initial
3.6% unlevered yield which is expected to grow substantially
over time as current in-place leases at rental rates estimated
to be nearly 50% below market are rolled to higher market
rents. According to CBRE, the vacancy rate in the
LA – South Bay submarket was 0.6% at the end of
the second quarter 2021.
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on
creating value by investing in and operating industrial properties
throughout Southern California
infill markets, owns 271 properties with approximately 33.2 million
rentable square feet and manages an additional 20 properties with
approximately 1.0 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws, which are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties that could cause actual outcomes and results to
differ materially. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts," or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters.
While forward-looking statements reflect the Company's good faith
beliefs, assumptions and expectations, they are not guarantees of
future performance. For a further discussion of these and other
factors that could cause the Company's future results to differ
materially from any forward-looking statements, see the reports and
other filings by the Company with the U.S. Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended December 31,
2020, and the Company's most recent Form 10-Q.. The Company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, of new information, data or methods, future
events or other changes.
Contact:
Investor Relations:
Stephen Swett
424 256 2153 ext. 401
investorrelations@rexfordindustrial.com
View original
content:https://www.prnewswire.com/news-releases/rexford-industrial-announces-115-2-million-of-investment-activity-301353568.html
SOURCE Rexford Industrial Realty, Inc.