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 an industrial property
located at 14723-14825 Oxnard Street in Van Nuys, California, for $8.9
million, or $114 per square foot. The acquisition was fully funded
through the Company's existing line of credit.
"Our acquisition of Oxnard Street expands our presence in the highly
sought-after San Fernando Valley sub-market," said Howard Schwimmer and
Michael Frankel, Co-Chief Executive Officers of the Company. "We plan to
modernize and reposition this well-located property to drive rental
rates on future leasing activity. With this second acquisition completed
in 2014, we are off to a solid start, further demonstrating our deep
relationships, unique sourcing capabilities, and commitment to continue
to expand our Southern California portfolio while striving to increase
our operating efficiencies and cash flow."
The property consists of a six-building multi-tenant business park, with
a total of 78,000 square feet. The buildings are situated on 3.25 acres
of land and are currently 98% occupied. Rexford Industrial plans to
upgrade the property through overall aesthetic improvements and
operational enhancements. Van Nuys is located in the San Fernando
Valley, one of the Company's primary Southern California target
sub-markets, comprised of over 172 million square feet of industrial
space with an estimated 98.9% market occupancy as of the end of the
fourth quarter according to CBRE.
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 69 properties with approximately
7.7 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 section entitled "Cautionary Note
Regarding Forward-Looking Statements" in the Company's prospectus for
its recently completed initial public offering and other risks described
in documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. 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.