- Completes $154.1 Million in 2013 Acquisitions to Date-
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 199,370 square foot
industrial and office property located in Simi Valley, California, for
$15.8 million, or $79 per square foot. The acquisition was fully funded
through the Company's existing line of credit.
"Our successful off-market acquisition of the Madera property represents
another example of our deep local relationships and selective approach
to growing our portfolio," said Howard Schwimmer and Michael Frankel,
Co-Chief Executive Officers of the Company. "We purchased the buildings
from an owner / occupant in a long-term sale-leaseback of the industrial
building established in conjunction with the acquisition. As we move
into 2014, we will continue to pursue opportunities to selectively grow
our Southern California industrial portfolio and to increase our
operating efficiencies and cash flow."
The project consists of a 30' clear, ESFR single-tenant industrial
building with 136,065 square feet and a two-story office building with
63,305 square feet, situated on 16.3 acres of land. The industrial
building is 100% leased to Kingsbridge International, Inc. for ten
years. The office building, which is situated on a separate parcel and
is currently vacant, is being marketed for sale or lease.
The property is located at 2900-2950 Madera Road, in Simi Valley,
California, immediately adjacent to the San Fernando Valley in Los
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 66 properties with approximately
7.5 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
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meaning of the federal securities laws, which are based on current
expectations, forecasts and assumptions that involve risks and
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Regarding Forward-Looking Statements" in the Company's prospectus for
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Source: Rexford Industrial Realty, Inc.