Rexford Industrial spends $189m on new assets
Rexford Industrial Realty has purchased five industrial properties comprising 660,254 square feet of improvements on 28.8 acres of land for an aggregate purchase price of $188.9 million. The acquisitions were funded using a combination of cash-on-hand and proceeds from the company's previously executed forward equity offerings.
"Rexford Industrial continues to leverage our proprietary access to the nation's most highly sought-after industrial property market within infill Southern California. Unprecedented tenant demand continues to intensify, driven by the post-pandemic economic resurgence and ecommerce-related impacts that disproportionately benefit our last-mile, Southern California industrial market. With infill Southern California occupancy near full capacity amidst a deep, incurable supply-demand imbalance, we believe these investments are well-positioned to drive favorable cash flow growth as we execute our value-creation strategies," stated Howard Schwimmer and Michae