Rexford Industrial Realty Completes Acquisitions of Two Industrial Properties in Southern California
LOS ANGELES--(BUSINESS WIRE)-- Rexford Industrial Realty, Inc. (the "Company" or "Rexford") (NYS: REXR) , a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced that it had completed the acquisition of two Southern California industrial properties totaling 123,676 square feet. The Company had previously announced that it had entered into purchase agreements to acquire the properties in the prospectus for its recently completed initial public offering.
"We are pleased to announce our first acquisitions as a publicly-traded company," said Howard Schwimmer, Co-Chief Executive Officer of the Company. "Rexford's ability to acquire these properties in the highly sought-after San Fernando Valley sub-market in an off-market transaction demonstrates our sourcing capabilities and extensive network of relationships within the Southern California real estate community."
The two properties include a 75,288 square foot multi-tenant industrial complex located in Tarzana, California that was purchased for $8,425,000 and a 48,388 square foot multi-tenant industrial building located in Van Nuys, California that was purchased for $5,600,000. Both properties were acquired from a private individual on an all-cash basis.
The Tarzana property, located at 18310-18330 Oxnard Street, consists of two multi-tenant buildings on 3.11 acres of land and is currently 81.1% occupied. The Van Nuys property, located at 8101-8117 Orion Avenue, consists of a multi-tenant industrial building on 1.88 acres of land and is 89.6% occupied. Both properties are located in Southern California's San Fernando Valley, one of the Company's primary Southern California target sub-markets.
About Rexford Industrial
Rexford Industrial (NYS: REXR) is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 61 properties with approximately 6.7 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.
Stephen Swett, 424-256-2153 ext 401
KEYWORDS: United States North America California
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