Rexford Industrial Acquires Industrial Property in San Fernando Valley, California

By Business Wire,  January 27, 2014, 07:00:00 AM EDT

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.

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Source: Rexford Industrial Realty, Inc.

This article appears in: News Headlines

Referenced Stocks: REXR

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