- 100% leased, Seven Building Industrial Park -
- Year-to-Date Acquisition Volume Surpasses $213 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 Chatsworth Industrial
Park, a 153,212 square foot industrial park located in the West San
Fernando Valley for $16.8 million, or $110 per square foot. Funding for
the acquisition was provided by availability under the Company's line of
"Our acquisition of Chatsworth Industrial Park further expands our
presence in one of our core infill Southern California submarkets and
brings our total acquisition volume thus far in 2014 to more than $213
million," stated Howard Schwimmer and Michael Frankel, Co-Chief
Executive Officers of the Company. "The buildings are 100% leased to
seven tenants and give us an opportunity to professionalize management
of the assets and increase rents as leases roll. The property is
favorably positioned, offering a mix of quality, location and
functionality that we believe makes it highly attractive in the
supply-constrained Greater San Fernando Valley."
The Chatsworth Industrial Park consists of seven free-standing
buildings on five separate legal parcels in the Greater San Fernando
Valley submarket. The buildings range in size from 11,000 square feet to
52,000 square feet, providing flexible unit sizes which
can accomodate up to ten tenants. The project offers a mix of dock-high
and ground-level loading and each building offers a private secured
yard. The property is in a highly desirable location, positioned between
the I-405, I-5,SR-118 and SR-101 highways. As of June 30, 2014,
according to CBRE, the vacancy rate for industrial properties in the 172
million square foot Greater San Fernando Valley submarket stood at 1.3%.
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 87 properties with approximately
9.5 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.
Source: Rexford Industrial Realty, Inc.