Rexford Industrial Acquires Industrial Property For $14.6 Million

- 100% Leased Industrial Investment in Core Infill Submarket-

- 2017 Acquisition Volume Exceeds $527 Million -

Company Release - 7/31/2017 6:45 AM ET

LOS ANGELES, July 31, 2017 /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 an industrial property for approximately $14.6 million. The acquisition was funded utilizing the Company's line of credit.

"This investment demonstrates our ability to leverage our research-driven originations efforts to acquire high quality industrial property in our target infill Southern California submarkets," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "Azusa Canyon is a newly constructed, 100% leased state-of-the-art industrial asset in a high-demand infill location that is well positioned to serve regional distribution and e-commerce uses. Currently leased to two tenants, the property benefits from the potential for further divisibility as the asset was built as four separate units, which, individually, may command rent premiums upon releasing. Over the long term, we continue to see favorable opportunities to execute our internal and external growth strategies to drive increasing cash flow and shareholder value."

The Company acquired 4832 Azusa Canyon Road, located in the Los Angeles - San Gabriel Valley submarket, for $14.6 million, or approximately $166 per square foot.  Fully leased to two tenants, this high image, newly constructed four-unit industrial building contains 87,421 square feet on 3.5 acres of land and features 28-foot clearance, eight dock doors, ESFR fire sprinklers and LED motion sensor lighting. Further, the potential to lease its four units to four separate tenants creates the opportunity to command premium rents upon re-tenanting. According to CBRE, the vacancy rate in the 151 million square foot Los Angeles - San Gabriel Valley submarket was 1.0% at the end of the second quarter 2017.

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 144 properties with approximately 18 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.

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Forward-Looking Statements

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Investor Relations:
Stephen Swett
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SOURCE Rexford Industrial Realty, Inc.