Rexford Closes Out Year With Acquisition Volume Of Nearly Half A Billion Dollars
Rexford Industrial Realty closed out 2018 with two more market moves, bringing the Southern California industrial giant's acquisition volume to nearly half a billion dollars.
On Dec. 31, Rexford announced it had sold three industrial buildings totaling 48K SF at 311, 319 and 329 East 157th St. to undisclosed buyers for $10.4M.
The company then used some of the proceeds from that sale in a tax-deferred 1031 exchange to fund a portion of the acquisition of a 148,740 SF industrial building on 6.2 acres at 14421-14441 Bonelli St. in the City of Industry.
Rexford purchased the fully leased industrial building from an undisclosed buyer for $19.5M.
“We continue to capitalize on our research-driven platform and extensive market relationships to source attractive investment opportunities in Southern California's highly fragmented and supply-constrained infill industrial market,” Rexford co-CEOs Howard Schwimmer and Michael Frankel said in a news release. “As we look ahead to 2019, we continue to see favorable opportunities to grow Rexford's portfolio of high-quality industrial assets to further enhance our cash flow and to create value for our shareholders.”
The latest acquisition brings Rexford’s total acquisition volume in 2018 to $492M.
December was a very busy month for the industrial real estate company that specializes in industrial properties in infill locations in Southern California.
In early December, the company announced it had acquired two industrial properties in off-market transactions for $43.5M.
Rexford purchased four industrial buildings totaling 256,200 SF in Chatsworth for $29.5M and a 115,200 SF industrial building for $14M in La Palma.
In mid-December, Rexford acquired a 75K SF cold-storage facility on 4.3 acres at 6100 Sheila St. in Commerce from a seller described as a life insurance company for $18.2M. The property is 100% leased to seven tenants. CBRE's Mark Shaffer, Anthony DeLorenzo, Gary Stache, Doug Mack, Jeff Stephens and Art Rasmussen represented the seller.