Rexford Industrial Realty (REXR) Acquires North San Diego County-Located Industrial Property

October 31, 2016 6:48 AM EDT

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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.

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