- Deepens Presence in High-Demand, Low-Supply South Bay / LAX
Submarket -
- Year-to-Date Acquisition Volume Surpasses $364 Million -
LOS ANGELES -- (Business Wire)
Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”)
(NYSE:REXR), a real estate investment trust focused on owning and
operating industrial properties located in Southern California infill
markets, today announced that it has acquired a three-building
industrial complex in Los Angeles, California for $11.9 million, or
approximately $187 per square foot. The acquisition was funded with the
Company’s credit facility.
“We are pleased to complete this lightly marketed acquisition, which
further validates the proprietary sourcing capabilities Rexford
Industrial enjoys within its core markets,” said Howard Schwimmer and
Michael Frankel, Co-Chief Executive Officers of the Company. “This
property’s rare combination of location and modern functionality make it
highly desirable to air freight and airport support services as well as
tenants requiring proximity to West Los Angeles. In addition, we expect
to lease the building’s existing vacancy, and increase rental rates to
market upon renewal or re-leasing, to drive increased cash flow and
enhanced returns."
The property, located at 11120, 11160 and 11200 Hindry Avenue, consists
of three multi-tenant industrial buildings, with a total of 63,654
square feet on 2.88 acres. The complex is currently 87.0% occupied, and
is comprised of a 10-unit, 25,000 square foot building and two
air-freight buildings totaling 38,000 square feet with 24 dock-high
doors. The project comprises a high quality, diverse tenant base
including freight forwarders, TSA bonded warehouse, government agencies
and corporate headquarters for well-established regionally-based
businesses. Rexford Industrial plans to upgrade the property and
increase its marketability to drive occupancy and facilitate roll-up to
market rents on renewal or re-leasing. The property is located in the
South Bay / LAX submarket, adjacent to the Los Angeles Airport with
favorable access to the I-405 and I-105 highways. According to CBRE, the
vacancy rate in the 217.6 million square foot South Bay submarket stood
at 1.8% at the end of the third quarter of 2014.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning
and operating industrial properties in Southern California infill
markets. The Company owns interests in 98 properties with approximately
10.1 million rentable square feet and manages an additional 20
properties with approximately 1.2 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,
2013. 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.
Contacts:
Investor Relations:
Stephen Swett, 424 256 2153 ext. 401
investorrelations@rexfordindustrial.com
Source: Rexford Industrial Realty, Inc.
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