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SOUTHERN CALIFORNIA NEWS
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Rexford Industrial Realty Spends $191 Mil on SoCal Portfolio

4/12/16

Rexford Industrial Realty Inc has agreed to acquire a private REIT that owns a portfolio of nine industrial properties for a total purchase price of approximately $191 mil, or approximately $125 per square foot, exclusive of closing costs. The acquisition is not subject to a diligence condition.

The company intends to fund a portion of the acquisition through the exercise of an accordion on a recently closed $125 mil unsecured term loan for an additional $100 mil in proceeds. The acquisition is expected to close in the second quarter of 2016 and is subject to customary closing conditions.

The portfolio consists of nine properties totaling 1.53 msf on 79.8 acres, and is 100% leased to 12 tenants with a staggered lease roll and a weighted average remaining lease term of 4.5 years. Two of the buildings were constructed in 2015 and most of the other assets were renovated in the past three years. The properties are located in four of the Company’s core infill Southern California markets, including Orange County, Los Angeles-San Gabriel Valley, Inland Empire West, and Central San Diego.

The acquisition is expected to be completed at below replacement cost and enables Rexford to expand its operating leverage as they increase their square footage by 50% in Orange County, one of the firm’s key target markets.





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