{"id":1004494225,"date":"2020-11-19T03:49:49","date_gmt":"2020-11-19T11:49:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004494225"},"modified":"2020-11-20T12:18:34","modified_gmt":"2020-11-20T20:18:34","slug":"rexford-industrial-realty-buys-logistics-assets-for-339m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-buys-logistics-assets-for-339m\/","title":{"rendered":"Rexford Industrial Realty Buys Logistics Assets for $339M"},"content":{"rendered":"
\"\"<\/a>

Image by delphinmedia via Pixabay.com<\/em><\/p><\/div>\n

Rexford Industrial Realty has added more than 1.1 million square feet to its portfolio of Southern California infill industrial assets through the acquisition of two properties. The REIT paid $339.2 million to an undisclosed seller for a four-building industrial complex and a three-tenant industrial property within the Greater Los Angeles area.<\/p>\n

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READ ALSO<\/strong>: Advancing WELLness for Industrial Projects at Greenbuild<\/a><\/p>\n

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According to Rexford, the acquisition was funded through a combination of cash on hand, 1031 exchange proceeds<\/a> from previous dispositions, assumption of existing debt and operating partnership units.<\/p>\n

In Los Angeles\u2019 Mid-Counties submarket, Rexford acquired Gateway Pointe Industrial Campus, which is located at 3963, 3931, 3735 and 3629 Workman Mill Road for $296.6 million. The 45.1-acre campus includes four Class A industrial buildings that total 989,195 square feet. The properties were built with 32-foot clear heights, dock-high loading, excess container parking and access to the area\u2019s major transportation nodes. With current rents at the fully occupied property being approximately 21 percent below market rate, Rexford has plans to generate more cash flow from the industrial campus through lease renewals, as well as by finding new tenants at a higher market rate. Greenberg Glusker Fields Claman & Machtinger LLP\u2019s Kenneth Fields, Patricia Hong and Amy Rice represented Rexford in the transaction.<\/p>\n

In an off-market transaction, Rexford also acquired 13943-13955 Balboa Blvd. in Sylmar, Calif., for $42.6 million. The three-tenant Class A industrial building offers 200,632 square feet on a 10.5-acre site. The property is 100 percent occupied by three tenants and also has rents that are estimated to be approximately 19 percent below the submarket\u2019s rates. Rexford is planning to conduct moderate capital improvements and renew leases or find new tenants at higher rents.<\/p>\n

Rexford\u2019s acquisition pipeline<\/h2>\n

Howard Schwimmer and Michael Frankel, co-CEOs of Rexford, said in prepared remarks that the REIT has closed on nearly $730 million in acquisitions year-to-date, with the majority of the transactions being off-market or lightly marketed. According to Schwimmer and Frankel\u2019s joint statement, Rexford\u2019s acquisition pipeline still has approximately $600 million in new investments under LOI or contract, which are expected to close in the coming months.<\/p>\n

Rexford focuses on investing and operating industrial properties in Southern California. The REIT owns 235 properties totaling approximately 29.2 million rentable square feet and manages an additional 20 properties that add up to 1 million square feet. The two latest industrial acquisitions came months after the closing of another major Rexford acquisition in July that included five properties totaling 434,000 square feet<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT acquired more than 1.1 million square feet of Class A distribution space in Greater Los Angeles.<\/p>\n","protected":false},"author":883,"featured_media":1004467609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,1594,21742,15],"tags":[32914,35630],"class_list":["post-1004494225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-los-angeles","category-latest","category-west","tag-e-commerce","tag-rexford-industrial-realty-inc"],"acf":[],"yoast_head":"\nRexford Industrial Realty Buys Logistics Assets for $339M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-buys-logistics-assets-for-339m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rexford Industrial Realty Buys Logistics Assets for $339M\" \/>\n<meta property=\"og:description\" content=\"The REIT acquired more than 1.1 million square feet of Class A distribution space in Greater Los Angeles.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-buys-logistics-assets-for-339m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-19T11:49:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-20T20:18:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/logistics11.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-buys-logistics-assets-for-339m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rexford-industrial-realty-buys-logistics-assets-for-339m\/\",\"name\":\"Rexford Industrial Realty Buys Logistics Assets for $339M - 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