Rexford Industrial Realty, Inc. (the “Company” or “Rexford”) (NYSE:
REXR), a real estate investment trust focused on owning and operating
industrial properties located in Southern California infill markets,
today announced that it had completed the acquisition of two Southern
California industrial properties totaling 123,676 square feet. The
Company had previously announced that it had entered into purchase
agreements to acquire the properties in the prospectus for its recently
completed initial public offering.
“We are pleased to announce our first acquisitions as a publicly-traded
company,” said Howard Schwimmer, Co-Chief Executive Officer of the
Company. “Rexford’s ability to acquire these properties in the highly
sought-after San Fernando Valley sub-market in an off-market transaction
demonstrates our sourcing capabilities and extensive network of
relationships within the Southern California real estate community.”
The two properties include a 75,288 square foot multi-tenant industrial
complex located in Tarzana, California that was purchased for $8,425,000
and a 48,388 square foot multi-tenant industrial building located in Van
Nuys, California that was purchased for $5,600,000. Both properties were
acquired from a private individual on an all-cash basis.
The Tarzana property, located at 18310-18330 Oxnard Street, consists of
two multi-tenant buildings on 3.11 acres of land and is currently 81.1%
occupied. The Van Nuys property, located at 8101-8117 Orion Avenue,
consists of a multi-tenant industrial building on 1.88 acres of land and
is 89.6% occupied. Both properties are located in Southern California’s
San Fernando Valley, one of the Company’s primary Southern California
target sub-markets.
About Rexford Industrial
Rexford Industrial (NYSE: REXR) is a real estate investment trust
focused on owning and operating industrial properties in Southern
California infill markets. The Company owns interests in 61 properties
with approximately 6.7 million rentable square feet and manages an
additional 20 properties with approximately 1.2 million rentable square
feet.
For additional information, visit www.rexfordindustrial.com.
Forward Looking Statements
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 section entitled "Cautionary Note
Regarding Forward-Looking Statements" in the Company's prospectus for
its recently completed initial public offering and other risks described
in documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. 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.
Copyright Business Wire 2013