Rexford Industrial Acquires Industrial Property For $17.2 Million

- 100% Leased Industrial Property in Core Infill Submarket -

- Acquired Off-Market with Value-Add Leasing Play -

Company Release - 3/19/2018 7:00 AM ET

LOS ANGELES, March 19, 2018 /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 single-tenant industrial property for $17.2 million.  The acquisition was funded through a combination of cash on hand and draws on the Company's line of credit.

"We continue to capitalize on our deep market knowledge and ability to uncover off-market acquisition opportunities as a consolidator within infill Southern California, the nation's largest and most sought-after industrial market," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "This 100% leased, modern property provides immediate cash flow and is ideally located in the desirable and low-vacancy Mid Counties submarket. As we progress through 2018 and beyond, we remain focused on executing both our internal and external growth strategies to drive cash flow and to create long term value for our shareholders."   

The Company acquired 16010 Shoemaker Avenue located in Cerritos, in the Los Angeles-Mid Counties submarket for $17.2 million or $149 per square foot. The property contains 115,600 SF on 4.41 acres of land and is currently 100% leased to a single tenant at significantly below market rent, with a near term lease expiration. The highly functional property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major transportation arterials.  The Company expects to complete minor cosmetic and functional enhancements upon renewal or retenanting. According to CBRE, the vacancy rate in the 110 million square foot Los Angeles- Mid-Counties submarket was 0.8% at the end of the fourth 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 153 properties with approximately 18.7 million rentable square feet and manages an additional 20 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.