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Rexford Industrial Announces $336 Million of Acquisitions - Full Year 2022 Acquisitions Total $2.4 Billion
– Acquires Ten Industrial Properties within Prime Infill Southern California Submarkets –
– Increases Portfolio Square Footage by 15% Over Prior Year to 42.4 Million Square Feet –
In the fourth quarter of 2022, through off-market and lightly marketed transactions, the Company acquired:
3131 E. Harcourt Streetand 18031 S. Susana Road, Rancho Dominguez, located within the LA – South Baysubmarket for $27.5 million, or $208per land square foot. The 3.0 acre site is located immediately adjacent to a 2.5 acre site acquired in August 2022. Upon near-term lease expiration, the Company intends to redevelop the combined sites into a low coverage logistics facility containing a 34,000 square foot building and oversized container storage yard. The investment generates an initial 2.2% unlevered cash yield projected to grow to an unlevered stabilized cash yield on total investment of 5.6%. According to CBRE, the vacancy rate in the 221 million square foot LA – South Baysubmarket was 1.2% at the end of the third quarter 2022. 14400 S. Figueroa Street, Los Angeles, located in the LA – South Baysubmarket for $49.0 million, or $234per land square foot. The 4.8 acre site is located immediately adjacent to a 1.0 acre site acquired in July 2022. The Company intends to reposition the combined site into a low coverage logistics facility containing a 57,000 square foot cross dock building and oversized container storage yard. The investment is projected to generate a 5.1% unlevered stabilized cash yield on total investment.
- A five-property portfolio located across the LA –
South Baysubmarket and Inland Empire – West submarket for $198.1 million, or $382per square foot. The properties are located at 2130-2140 E. Del Amo Boulevardand 20455 S. Reeves Avenuein Carson, 19145 Gramercy Placein Torrance, and 14874 Jurupa Avenueand 10600 Mulberry Avenuein Fontana. In aggregate, the portfolio totals 518,931 square feet on 24.6 acres of land and is 100% leased to six tenants. The investment generates an aggregate initial 5.0% unlevered cash yield projected to grow to an aggregate unlevered stabilized cash yield on total investment of 5.5% through re-leasing at market rents and annual contractual rent increases. According to CBRE, the vacancy rate in the 329 million square foot Inland Empire – West submarket was 0.4% as of third quarter 2022. 755 Trademark Circle, Corona, located in the Inland Empire – West submarket for $10.5 million, or $305per square foot. The 34,427 square foot building situated on 1.6 acres is leased to a single tenant through a long-term sale leaseback. The investment generates an initial unlevered yield of 5.3%, growing over time through 4.0% contractual annual rent increases. 4500 Azusa Canyon, Irwindale, located in the LA – San Gabriel Valleysubmarket for $40.0 million, or $116per land square foot. The 7.9 acre low coverage site is improved with 77,266 square feet of buildings and leased to a single tenant through a sale leaseback. The investment generates an initial unlevered cash yield of 5.3%, growing over time through 3.0% contractual rent increases. According to CBRE, the vacancy rate in the 160 million square foot LA – San Gabriel Valleysubmarket was 1.2% at the end of the third quarter 2022. 7817 Haskell Avenue, Van Nuys, located in the LA – San Fernando Valleysubmarket for $11.1 million, or $128per land square foot. The 2.0 acre industrial outdoor storage site is 100% leased to a single tenant. The investment generates an initial unlevered cash yield of 5.3% projected to grow to a 5.9% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 177 million square foot LA – San Fernando Valleysubmarket was 0.5% at the end of the third quarter 2022.
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the
Senior Vice President, Investor Relations and Capital Markets
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