Rexford Industrial Realty (REXR) Announces $40M+ Acquisition of Five-building Industrial Complex
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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.
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