Rexford Industrial Realty, Inc., an REIT focused on owning and operating industrial properties in Southern California in-fill markets, announced this week that it had purchased two industrial properties totaling 218,768 square feet for approximately $24.9 million. The purchase was made with Rexford’s credit facility as well as $4.35 million in proceeds from the sale of another Southern California industrial property.
"We are pleased to complete the acquisition of these two single tenant industrial buildings within our primary target in-fill markets, bringing total acquisitions thus far in 2014 to more than $54 million," said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial. "Both properties are modern, highly-functional industrial facilities that are 100% leased to entrenched corporate tenants, and are expected to be immediately accretive to cash flow. In addition, the sale of the Madera office building provided capital for recycling and demonstrates our ability to execute more complex and value-add transactions. We continue to review a strong pipeline of potential opportunities within our target in-fill markets as we grow our portfolio and enhance stockholder value."
The two properties include:
- 24105 Frampton Avenue, a 47,903 square foot industrial building situated on 2.07 acres, for $3.93 million, or $84 per square foot, and
- 1700 Saturn Way, a 170,865 square foot industrial building, for $21.1 million, or $123 per square foot.
For more news and information visit Blumberg Capital Partners.
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