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Rexford Industrial Announces $83 Million of Acquisitions
- First Quarter Investments Total $458 Million -
"In the first quarter, Rexford Industrial completed
In March, through off-market transactions, the Company acquired:
700-806 W. 14th Streetand 701-733 W. Anaheim Street, Long Beach, located within the LA – South Baysubmarket for $24.0 million, or $115per land square foot. The 123,532 square foot, 4.8-acre multi-tenant industrial business park is strategically located with immediate access to the ports of Los Angelesand Long Beachand leased at rents estimated to be 25% below current market rates. The investment's initial 4.1% unlevered cash yield is expected to grow to a 5.3% stabilized unlevered cash yield on total investment. The purchase was completed using $12.0 millionof cash and 164,998 3.0% cumulative Convertible Preferred Operating Partnershipunits that are redeemable by the seller on a one-to-one basis for shares of the Company's publicly traded common stock. According to CBRE, the vacancy rate in the 219 million square foot LA – South Baysubmarket was 0.6% at the end of the fourth quarter 2021.
19900 Plummer Street, Chatsworth, located within the LA – San Fernando Valleysubmarket for $15.0 million, or $90per land square foot. Upon lease expiration, the Company intends to either redevelop the 3.8-acre industrial-zoned site by removing the existing improvements and constructing a new Class A, 78,000 square foot warehouse or renew the entrenched in-place tenant. The investment generates an initial 4.8% unlevered cash yield and provides future value-add redevelopment opportunity. According to CBRE, the vacancy rate in the 180 million square LA – San Fernando Valleysubmarket was 0.6% at the end of the fourth quarter 2021.
6245 Providence Way, Eastvale, located within the Inland Empire – West submarket for $9.7 million, or $350per square foot. The Class A, single tenant building consists of 27,636 square feet on 2.0 acres leased at rent estimated to be 40% below current market rates. Upon lease expiration, the Company intends to drive accretive cash flow growth through re-leasing at market rent. The initial 2.9% unlevered cash yield is projected to grow to an unlevered stabilized cash yield on total investment of approximately 5.1%. According to CBRE, the vacancy rate in the 320 million square foot Inland Empire – West submarket was 0.6% at the end of the fourth quarter 2021.
13711 Freeway Drive, Santa Fe Springs, located within the LA – Mid-Counties submarket for $34.0 million, or $156per land square foot. Acquired in a short-term sale-leaseback, the Company plans to redevelop the 5.0-acre site by constructing a 108,000 square foot, Class A building. The location has premier frontage along the I-5 Freeway, one of the busiest thoroughfares in Los Angeles. The investment is projected to generate a 5.0% stabilized unlevered cash yield on total investment. According to CBRE, the vacancy rate in the 111 million square foot LA – Mid-Counties submarket was 0.1% at the end of the fourth quarter 2021.
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
424 256 2153 ext. 401
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