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Rexford Industrial Realty Completes $200 Mil SoCal Portfolio Buy

3/06/20

Rexford Industrial Realty has purchased a ten-building, SoCal industrial property portfolio for $203.2 mil, including assumed debt. The portfolio consists of three single-tenant and seven multi-tenant industrial properties containing a total of 867.2k sf ($234/sf) of space on just over 43 acres of land.

The acquisition was completed through a combination of cash and an UPREIT transaction, whereby the seller contributed a portion of the portfolio value to the company's operating partnership, Rexford Industrial Realty L.P., in exchange for a blend of operating partnership units and newly issued convertible preferred operating partnership units.

The portfolio is currently 87.7% leased to 56 tenants with average in-place rents estimated to be materially below-market. For Rexford, the investment provides an above-market cash yield as well as the potential for favorable cash flow growth into future periods through a combination of leasing and value-add enhancements.

The properties are located in four of the company's core infill Southern California markets, including LA South Bay, LA Mid Counties, Inland Empire West and Orange County. Approximately two-thirds of the assets are located in the region's top-performing LA South Bay submarket, which ended the fourth quarter of 2019 with a vacancy rate of 0.8%, according to CBRE. The portfolio's tenant pool is also highly diversified, with no single tenant occupying more than 12.9% of the total rentable area.

The properties are further detailed below:

Property Name - Square Feet - County - Submarket - Leased %

Kingshill Pl - 169,069 - Los Angeles - South Bay - 73.3%
Manhattan Beach Blvd - 126,726 - Los Angeles - South Bay - 95.5%
Santa Fe Ave - 112,000 - Los Angeles - South Bay - 100.0%
W. 126th St - 63,532 - Los Angeles - South Bay - 40.2%
La Cienega Blvd - 63,462 - Los Angeles - South Bay - 93.4%
Knox St - 39,400 - Los Angeles - South Bay - 100.0%
Woodwind Dr - 62,377 - Orange - Orange County West - 100.0%
Atlantic Ocean Dr - 27,960 - Orange - Orange County South - 100.0%
Los Nietos Rd - 107,740 - Los Angeles - Mid-Counties - 100.0%
Richton St - 94,976 - San Bernardino - Inland Empire West - 86.0%

Total Portfolio -- 867,242 -- Average 87.7%




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