Rexford Industrial Realty has acquired three industrial properties representing 176,670 square feet of improvements, a 2.5 acre industrial outdoor storage site and a 5.6 acre redevelopment site for an aggregate purchase price of $72.7 million. The acquisitions were funded using a combination of cash-on-hand, 1031 proceeds and the assumption of debt on one property.
“As we start the year, we are very pleased with our transaction activity as we continue to source high-quality, irreplaceable industrial properties within supply-constrained infill Southern California,” said Howard Schwimmer and Michael Frankel, co-chief executive officers of the company. “Acquired through off-market and lightly-marketed transactions, these investments demonstrate the strength of our proprietary sourcing advantage and ability to leverage our value-add expertise to generate superior cash flow growth as we reposition these properties to achieve attractive stabilized yiel
