Los Angeles, CA-based Rexford Industrial Realty announced this week that it completed the acquisition of a nine-property industrial portfolio for a total purchase price of $191 million, or approximately $125 per square foot. Rexford Industrial purchased the portfolio from CT Realty Investors in a deal brokered by Darla Longo and Barbara Emmons of CBRE. According to a Seeking Alpha report, Rexford Industrial funded the deal with proceeds from its recent capital raise and exercise of a $100 million accordion on its $125M million unsecured term loan.
"We are pleased to complete the acquisition of this well-located, high-quality portfolio, which increases our owned square footage by over 12%," Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial, said in a press release. "The portfolio, which is 100% leased to twelve tenants, brings greater scale and operating efficiency in key infill submarkets and is expected to be accretive to our 2016 FFO/share operating metrics. We also look forward to executing on value-add opportunities to further enhance the portfolio's cash flow over time to maximize value for our shareholders."
Addresses for properties within the portfolio have not yet been made available, but are notably located in Orange County, Inland Empire West, Central San Diego and Los Angeles-San Gabriel Valley, and include 1,530,814 net rentable square feet on 79.8 acres. Two of the buildings were constructed in 2015 and most of the other assets were renovated in the past three years.
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