Rexford Industrial acquires two industrial properties for $99.7M
Rexford Industrial acquired two industrial properties for $99.7M. The investments were funded using cash on hand. The company acquired Pomona Distribution Center in LA for $87.8M, or $117 per square foot. Upon expiration of the existing leases, the company intends to drive cash flow by increasing rents to higher market rates and by completing value-add functional and cosmetic upgrades, which may include further demising of existing spaces. The company also acquired 2757 E. Del Amo Boulevard within the LA - South Bay submarket, for $11.9M, or $207 per square foot. The property comprises a fully leased single-tenant industrial building containing 57,300 square feet on 3.48 acres with excess land for trailer parking and storage. Upon expiration of an in-place lease estimated to be at a below-market rental rate, the company intends to undertake value-add repositioning to drive cash flow and value growth.