Rexford Industrial Acquires Eight Properties For $270 Million

Industrial Portfolio Has Grown 18% Over Prior Year, Now Comprises 37.1 Million Square Feet
REXFORD INDUSTRIAL ACQUIRES EIGHT PROPERTIES FOR $270 MILLION - FULL YEAR 2021 ACQUISITIONS TOTAL $1.9 BILLION
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Rexford Industrial Realty, Inc., a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, announced the acquisition of eight industrial properties for an aggregate purchase price of $270 million. The acquisitions were funded using cash on hand and proceeds from forward equity settlements. For the full year 2021, the Company acquired $1.9 billion of industrial properties, bringing the Company’s total portfolio to 296 properties comprising approximately 37.1 million square feet within prime infill Southern California “last-mile” submarkets.

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“These eight investments, acquired through off-market and lightly marketed transactions, deliver substantial value creation and result from Rexford’s deep, local sharp-shooter market knowledge and relationships, our value-add expertise and proprietary access to the infill Southern California market, the nation’s strongest, highest demand and highest-barrier industrial property market,” said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company in a statement.

“Our $1.9 billion of investments completed in 2021 are indicative of Rexford’s substantial go-forward growth opportunity, given the unique position we hold in the world’s fourth largest industrial market, which surpasses in size all global markets except the entire national markets of the United States, China and Germany. With over $400 million of additional investments under contract or accepted offer, plus a broad range of internal growth initiatives under-way, our low-leverage, fortress-like balance sheet supports the expansion of our best-in-class portfolio and our ability to generate above-market cash flow growth and long-term value creation for our stakeholders.”

In December, through off-market and lightly marketed transactions, the Company acquired:

A property located in the western portion of the City of Industry, CA, within the LA – San Gabriel Valley submarket for $28.6 million, or $86 per land square foot. The 7.6-acre site contains a single tenant 111,927 square foot building acquired through a multi-year sale-leaseback. Upon lease expiration, the Company intends to execute a redevelopment of the site.

2391-2393 Bateman Avenue, located in Irwindale, within the LA – San Gabriel Valley submarket for $23.1 million, or $352 per square foot. The 65,605 square foot, single tenant Class-A industrial facility is situated on 3.4 acres of land.


1020 Bixby Drive, located in the City of Industry, within the LA – San Gabriel Valley submarket for $16.4 million, or $287 per square foot. The 56,915 square foot warehouse building is fully leased at a rental rate estimated to be approximately 30% below market rates. Upon lease expiration, the Company intends to drive cash flow growth through either value-add repositioning and re-tenanting or through lease renewal at market rent.


2800 Casitas Avenue, located in Los Angeles, within the LA – Greater San Fernando Valley submarket for $43.0 million, or $368 per square foot. The 5.7-acre site contains a 117,000 square foot, two-tenant industrial building leased at rental rates estimated to be approximately 60% below market rates. Upon near-term lease expiration, the Company intends to perform value-add repositioning, upgrading the building to a state-of-the-art last-mile warehouse/distribution facility.


4240 W. 190th Street, located in Torrance, within the LA – South Bay submarket for $75.3 million, or $149 per land square foot. The fully leased, 307,000 square foot, two-tenant industrial building is currently leased at rental rates estimated to be 40% below market rates. Upon lease expiration, the Company plans to redevelop the 11.6-acre site into a best-in-class, single-tenant logistics facility.


8911 Aviation Boulevard, located in Inglewood, within the LA – South Bay submarket for $32.0 million, or $183 per land square foot. The 4.0-acre covered land site contains 100,000 square feet of buildings, leased to a single tenant located immediately adjacent to the Los Angeles International Airport. Following the expiration of the current long-term lease, the Company intends to redevelop the site by constructing two new, best-in-class logistics buildings.


3071 E. Coronado Street, located in Anaheim, within the Orange County – North submarket for $28.0 million, or $131 per land square foot. The 4.9-acre land site will be immediately redeveloped by constructing a new 106,925 square foot building featuring 36′ clear height.


1168 Sherborn Boulevard, located in Corona, within the Inland Empire – West submarket for $23.4 million, or approximately $295 per square foot. The 79,515 square foot building was acquired in a long-term sale-leaseback transaction with in-place rent estimated to be 25% below market rates.

Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California infill markets, owns 296 properties with approximately 37.1 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.

Lisa Hay

Lisa is a staff reporter for What Now Media Group. She covers new restaurant, retail, and real estate openings across all of our markets. A true foodie, this Air Force veteran has lived all over the world — from Aviano, Italy to Nairobi, Kenya — but her favorite spot is NOLA for its rich history, architecture, culture, and of course, its good eats.
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