Rexford Industrial acquires four industrial properties for $84.5M
Rexford Industrial acquired four industrial properties for a total of $84.5M. The acquisitions were funded using cash on hand. The company acquired a 456,000 square foot portfolio comprising three industrial buildings located in supply-constrained infill submarkets. The first property is in the City of Industry within the LA - San Gabriel Valley submarket, acquired for $41.8M, or $163 per square foot. The second building is within the North Orange County submarket, acquired for $18M , or $194 per square foot. The third proerty was acquired for $16.8M, or $158 per square foot, and consists of a multi-tenant industrial building containing 106,311 square feet on 6.34 acres and is currently 70% occupied. In a separate off-market transaction, the company acquired 980 Rancheros Drive, located in San Marcos within the North San Diego submarket, for $7.9M, or $173 per square foot.