Rexford Industrial Acquires Industrial Property For $14 Million

- 100% Leased Investment in Core Infill Submarket -

- 2018 Acquisition Volume Exceeds $267 Million -

Company Release - 6/4/2018 7:00 AM ET

LOS ANGELES, June 4, 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 $14 million.  The acquisition was funded through a combination of cash on hand and draws on the Company's line of credit.

"Our team continues to demonstrate its ability to uncover a steady volume of accretive, off-market investment opportunities within our target infill Southern California industrial markets," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "This fully leased property, occupied by an entrenched tenant under a long-term lease within one of Southern California's highest-demand and lowest vacancy infill submarkets, provides attractive, stable cash flow with longer-term value-add potential.  With more than $267 million of acquisitions completed year-to-date, 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 3100 Fujita Street, located in Torrance within the LA – South Bay submarket, for $14 million or $153 per square foot. The property contains 91,516 square feet on 3.77 acres of land and is currently 100% leased to a single tenant who has occupied the property since 1992. The Company intends to continue long term occupancy of the current tenant, or, should the tenant ultimately vacate upon lease expiration, to capitalize upon the opportunity to perform value-add improvements which may include demising the property into high-demand multi-tenant industrial units.   According to CBRE, the vacancy rate in the 223 million square foot LA – South Bay submarket was 0.8% at the end of the first quarter 2018.

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 161 properties with approximately 19.9 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.