LOS ANGELES, Jan. 31, 2019 /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 nine-building industrial park for $106.3 million. The acquisition was funded using cash on hand.
"Acquired through an off-market transaction, this investment demonstrates our ability to leverage our deep relationships and market knowledge to catalyze accretive acquisitions in Southern California's infill industrial markets. This transaction presented the rare opportunity to acquire a newly constructed industrial park in a highly competitive submarket in which Class A industrial space is virtually unavailable," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "Conejo Spectrum Business Park has attracted high quality tenants, including major ecommerce and consumer product companies, due to the substantial demand for last-mile logistics to service the adjacent population centers of the San Fernando Valley and Ventura County markets. As we progress through 2019, we believe our pipeline of investment opportunities will enable us to continue to deliver exceptional internal and external growth and to create long-term value for our shareholders."
The Company acquired Conejo Spectrum Business Park, located in Thousand Oaks within the Ventura County submarket, for $106.3 million, or $200 per square foot. The complex is 72% leased to a range of credit tenants and consists of nine industrial buildings containing 531,378 square feet on 28.05 acres of land. The newly constructed, Class A buildings are LEED certified and feature 28'-30' clearance, ESFR fire sprinklers, private secured yards and modern office space. The Company intends to demise a vacant 98,218 square foot building into two units in order to increase value. According to CBRE, the vacancy rate in the 64 million square foot Ventura County submarket was 3.1% and the vacancy rate in the 174 million square foot San Fernando Valley submarket was 1.6% at the end of the fourth quarter 2018.
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 179 properties with approximately 22.0 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.
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SOURCE Rexford Industrial Realty, Inc.