- Adds Over $162 Million of Additional Properties Since Start of 2013 -
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 in-fill
markets, today announced that it has acquired two industrial properties,
including Rosecrans, a 72,000 square foot industrial facility in the
South Bay submarket, and Vanowen, a 31,037 square foot industrial
building in the San Fernando Valley. The aggregate investment for the
two properties was $8.3 million, and fully-funded through the Company's
existing line of credit.
"With these two acquisitions, both of which were 100% occupied at close,
Rexford continues to demonstrate its ability to source and close
well-located functional industrial properties in our target in-fill
Southern California markets," said Howard Schwimmer and Michael Frankel,
Co-Chief Executive Officers of the Company. "We purchased both of these
buildings in off-market transactions where our relationships and ability
to close quickly were decided advantages. As we move into 2014, we
remain enthused about the additional opportunities we are seeing as we
execute our strategy to expand our Southern California presence and
increase our cash flow and operating efficiencies."
On December 24th, the Company acquired Vanowen, a 31,037 square foot
industrial building located at 10635 Vanowen Street, in Los Angeles, for
$3.375 million. The property is 100% leased to four tenants. Rexford
plans a value-add program, focused on cosmetic upgrades, roof and
asphalt replacement and resolving of deferred maintenance. The property,
located adjacent to the Burbank (Bob Hope) Airport, is in the highly
sought-after San Fernando Valley submarket, which is comprised of
approximately 172,000,000 square feet of industrial property reported at
98.9% occupancy by CBRE at the end of the third quarter.
On January 15th, the Company acquired Rosecrans, a 72,000 square foot
industrial building located at 7110 Rosecrans Avenue, in Paramount,
California, for $4.969 million. The property was acquired in a
sale/leaseback transaction from an owner/operator transitioning through
a generational ownership change while also consolidating its operations
on the site into half of the building shortly after the close. The
seller will remain in half of the project long-term under a five year
lease, enabling the Company to execute its value-add improvement and
leasing plan for the remainder of the property. Paramount is located in
the vibrant South Bay sub-market, which is comprised of approximately
217,000,000 square feet of industrial property reported at 97.7%
occupancy by CBRE at the end of the third quarter.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning
and operating industrial properties in Southern California in-fill
markets. The Company owns interests in 68 properties with approximately
7.6 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.