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Rexford Industrial Acquires Industrial Properties for $103.1 Million

Rexford Industrial Realty, Inc. (NYSE: REXR) acquired a four-building industrial portfolio and outdoor storage property for $103.1 million. The industrial realty firm announced the deal on Jan. 4, 2020 while the deals closed on Dec. 31, 2020. Rexford funded the deals with newly issued operating partnership units and cash on hand.

Acquisition Details

Rexford acquired the portfolio through an off-market transaction. The properties are located in the San Fernando Valley, Mid-Counties and Inland Empire West submarkets. The modern single-tenant properties contain a total of 414,744 square feet of improvements on 25.23 acres. In addition to this, the properties are 100% leased at rents estimated to be 15% below market rates. Rexford acquired these four properties for $86.3 million, or $…

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