LOS ANGELES, Nov. 8, 2016 /PRNewswire/ -- 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 the acquisition of a multi-tenant industrial building for approximately $13.0 million. The acquisition was funded using cash on hand.
"We continue to leverage our infill Southern California focus and proprietary originations methods to generate off-market opportunities to purchase well-located industrial assets in extremely supply constrained, high-demand submarkets such as the port-adjacent South Bay in Los Angeles," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "We acquired the property at an attractive per-square-foot value and plan value-add repositioning designed to enable significantly higher rents over the next two years. As we finish out 2016, we remain focused on the execution of our internal and external growth opportunities to drive earnings-per-share growth and long-term shareholder value."
The Company acquired 301-445 N. Figueroa Street, located in Wilmington, within the Los Angeles South Bay submarket, for $13.0 million, or approximately $97 per square foot. The industrial building contains 133,925 square feet on 4.15 acres and is currently 63% occupied, with the majority of the square footage either vacant or leased on a month-to-month basis. The fourteen dock-high units, located adjacent to the Port of Los Angeles, are expected to command premium rents after undergoing functional and cosmetic upgrades. The project features highly-sought-after dock-high spaces ranging from 7,000 to 16,000 square feet, with 950 feet of frontage on the 110 freeway along a major container transportation corridor. According to CBRE, the vacancy rate in the 218 million square foot Los Angeles South Bay submarket was 0.5% 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 infill markets. The Company owns 135 properties with approximately 14.8 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.
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SOURCE Rexford Industrial Realty, Inc.