Rexford Industrial acquires Blackstone industrial assets in combined $1b investment

Rexford Industrial Realty and Blackstone announced Rexford Industrial acquired approximately 3 million square feet of industrial properties pursuant to separate transactions with Blackstone Real Estate, including the Blackstone Property Partners strategy as well as Blackstone Real Estate Partners and Blackstone Real Estate Income Trust, for an aggregate purchase price of $1 billion.

The combined portfolio comprises 48 properties, totaling 3,008,000 square feet, acquired for $1 billion or $332 per square foot on average. The combined portfolio is 98 percent leased, with 99 percent of the property square footage located within core, infill submarkets in Los Angeles and Orange counties. In aggregate, the investments are expected to generate a weighted average initial unlevered cash yield of 4.7 percent and an anticipated stabilized unlevered cash yield of 5.6 percent. These investments were funded using proceeds from Rexford Industrial’s recent exchangeable