LOS ANGELES, Sept. 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 two-building industrial property with excess land for approximately $15.0 million. The acquisition was funded using cash on hand.
"This acquisition is further testament to our ability to source attractive, value-add opportunities in severely supply-constrained infill submarkets, utilizing our deep market presence and relationships," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "Located in City of Industry within the supply constrained San Gabriel Valley submarket, which has one of the lowest vacancy rates in the region, the property provides significant upside opportunity through repositioning of existing buildings and development on excess land, which will unlock the inherent value of the property. We continue to execute on our growth strategy which should contribute to meaningful shareholder value creation as we progress through the balance of 2016 and beyond."
The Company acquired 14742-14750 E. Nelson Avenue, located in City of Industry within the San Gabriel Valley submarket, for $15.0 million, or approximately $103 per square foot. The buildings contain 145,531 square feet on 9.25 acres and are currently vacant, presenting the opportunity to reposition the former lumber distribution facility into high-quality, multi-tenant industrial space. The Company plans to create high-demand spaces of 7,200 to 22,000 square feet with dock-high loading, plus an additional 54,000 square feet on the excess land. The property is centrally located in close proximity to the Downtown Los Angeles commercial center, and within direct freeway access to the Inland Empire. According to CBRE, the vacancy rate in the 149 million square foot San Gabriel Valley submarket was 0.6% at the end of the second quarter 2016.
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 133 properties with approximately 14.6 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