Rexford Industrial Realty (REXR) Announces $40M+ Acquisition of Five-building Industrial Complex
- Wall St. set to open lower, weighed down by GE
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
- General Electric (GE) Tops Q3 EPS by 2c; Updates FY16 EPS Outlook
- Microsoft (MSFT) Tops Q1 EPS by 8c
- Pre-Open Stock Movers 10/21: (ALKS) (RAI) (PFPT) (MSFT) Higher; (SGY) (TWLO) (RRGB) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Rexford Industrial Realty, Inc. (NYSE: REXR) announced the acquisition of a 5-property industrial complex for approximately $40.1 million. The acquisition was funded using cash on hand.
"The acquisition of this Orange County industrial complex demonstrates our ability to source high quality assets at attractive pricing within our target Southern California infill submarkets," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "These well-located assets are leased at significantly below-market rents, providing near-term, value-add opportunities to increase net operating income. As we progress through the second half of 2016 and beyond, we are encouraged by our current pipeline of both internal and external growth opportunities, and remain focused on increasing cash flow to drive long-term shareholder value."
The Company acquired 1600 Orangethorpe, located in Fullerton, for $40.1 million, or approximately $116 per square foot. The high-image business complex contains 345,756 square feet on 17.76 acres and is 100% leased to eight tenants at average rents estimated to be more than 20% below market. The project features four single-tenant dock-high loading buildings, one two-tenant dock-high building, and approximately two acres of separately-leased land. Additionally, the property includes a vacant frontage building previously used for offices, allowing for an immediate repositioning to an industrial use. The buildings enjoy frontage and visibility along Orangethorpe, a high-traffic thoroughfare in the Orange County North submarket. According to CBRE, the vacancy rate in the 112 million square foot Orange County North submarket was 1.6% at the end of the second quarter 2016.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Estée Lauder (EL) Enters Agreement to Acquire BECCA Cosmetics
- Martin Midstream Partners (MMLP) to Divest Corpus Christi Terminalling Assets for Net Proceeds of $93M
- Reynolds American (RAI) Affirms Receipt of British American Tobacco (BTI) Offer; Will Evaluate
Create E-mail Alert Related CategoriesCorporate News, Management Comments, 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!