Rexford Industrial Acquires Industrial Property For $21.0 Million

Rexford Industrial Realty, Inc. | May 06, 2020

Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, today announced the acquisition of an industrial property for $21.0 million. The acquisition was funded using cash on hand. "We continue to leverage our deep market relationships and proprietary originations platform to source attractive, off-market opportunities in Southern California's infill industrial market," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "Located within the highly supply-constrained LA – Central submarket, Flotilla Street represents a highly-functional, prime infill location positioned to drive significant cash flow growth as the in-place rent is estimated to be substantially below-market with a near-term expiration. Looking forward, we remain pleased with our pipeline of internal and external growth opportunities, enabling us the opportunity to drive cash flow growth and value for our shareholders."

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