Rexford Industrial Realty (REXR) Acquires North San Diego County-Located Industrial Property
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Rexford Industrial Realty, Inc. (NYSE: REXR) announced the acquisition of an industrial building for approximately $7.2 million. The acquisition was funded using cash on hand.
"This acquisition represents another example of our unique ability to invest in high-quality assets through off-market transactions in Rexford's supply constrained, Southern California infill submarkets. Rexford was able to capitalize upon circumstances with an owner-user who required a flexible lease-back and an expedient closing," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "The superior functionality of this Class A facility is positioned to command market leading rents. We continue to execute on both our internal and external growth strategies and remain focused on creating long term shareholder value."
The Company acquired 3927 Oceanic Drive, located in Oceanside within the North San Diego County submarket, for $7.2 million, or approximately $132 per square foot. The industrial building contains 54,740 square feet on 4.04 acres and is 100% occupied by a single tenant who was also the seller. The building features 17 dock-high loading positions, a high-pile ESFR fire sprinkler system, 25' minimum clear height, and a large, secured concrete yard. According to CBRE, the vacancy rate in the 51 million square foot North San Diego County submarket was 3.8% at the end of the second quarter.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Federal Judge to Block Anthem (ANTM), Cigna Corp. (CI) Merger - NYP
- Accenture (ACN) to Acquire Seabury Group's Corporate Advisory and Aviation Consulting Business; Terms Not Disclosed
- CSX (CSX) PT Raised to $51 at Citi as Hunter Harrison Makes Moves
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!