Rexford acquires two Southern California industrial properties for $339m

Rexford Industrial Realty has acquired a four-building industrial complex and a three-tenant industrial property for $339.2 million. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units.

“These investments contribute towards the accretive growth of our portfolio within the highly sought-after Southern California industrial market,” stated Howard Schwimmer and Michael Frankel, co-CEOs of the company. “Gateway Pointe Industrial Campus provides nearly 1 million square feet of institutional quality, class A industrial space ideally positioned to serve last-mile, ecommerce-oriented tenant demand. The Balboa Boulevard acquisition leverages our ability to offer operating partnership units in exchange for a class A industrial property through a tax-efficient UPREIT structure in an off-market transaction. Year-to-date we have closed n