Rexford Industrial Announces Acquisition of Industrial Property for $16.9 Million
By Business Wire News
By Business Wire News
Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE:REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced that it has acquired a 112,062 square foot industrial complex in Poway, California, for $16.9 million, or approximately $151 per square foot. The acquisition was funded with borrowings under the company’s credit facility.
“Danielson Court is a well-located best-in-class industrial park that serves tenants with a variety of uses, ranging from traditional distribution to high-tech manufacturing,” said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “The 100% occupied property provides strong initial cash flows, and several in-place below market leases provide an opportunity for near term income growth. We acquired this property from a private seller in a lightly marketed transaction, further validating our proprietary sourcing capabilities, deep relationships, and strong balance sheet which support our ability to continue to grow our portfolio in an accretive manner.”
Danielson Court is a six-building industrial complex containing 112,062 square feet on 9.23 acres of land, located at 12720-12860 Danielson Court, in Poway, California. Built in 1999, this high-quality property features 15 tenants occupying highly-functional warehouse and light manufacturing industrial space. The property is located in the Central San Diego submarket. According to CBRE, the vacancy rate in the 80 million square foot Central San Diego submarket stood at 5.4%, with Poway at 2.9%, at the end of the second quarter of 2015.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 109 properties with approximately 10.8 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Rexford Industrial Realty, Inc.
Stephen Swett, 424-256-2153 ext. 401