Rexford Industrial Realty, Inc. announced the acquisition of four industrial properties comprising 837,500 square feet of improvements, for an aggregate purchase price of $250.5 million. The acquisitions were funded using cash on hand and proceeds from forward equity settlements. In late August and early September, the Company acquired the following properties: 1801 E. St. Andrew Place, located in Santa Ana, within the Orange County – Airport submarket for $105.3 million, or $115 per land square foot. The 100% leased, covered land site comprises a 370,375 square foot office/warehousing building on 21.3 acres, located adjacent to the CA-55 freeway with direct access to the I-5 and I-405 freeways. Fully leased long-term to two credit tenants, the investment is projected to generate an initial 5.6% unlevered cash yield, with approximately 2.5% average contractual annual rent increases. Upon expiration of in-place leases, the Company intends to redevelop the site into modern, Class A logistics buildings. According to CBRE, the vacancy rate in the 68 million square-foot Orange County – Airport submarket was 2.6% at the end of the second quarter 2021. 2401-2421 N. Glassell Street, located in Orange, within the Orange County – North submarket for $70.0 million, or $133 per land square foot. Acquired through an off-market transaction, the covered land site comprises a 12.5 acre property containing four office buildings totaling 191,125 square feet, leased long-term to a single credit tenant. The site is located in a prime infill Orange County location with immediate access to the CA-57, CA-55, CA-91, CA-22, and I-5 freeways. The initial unlevered cash yield is projected at 4.9% with contractual annual rent increases of 3.0%. The Company intends to redevelop the property upon expiration of the in-place lease by constructing new Class A industrial buildings. According to CBRE, the vacancy rate in the 115 million square-foot Orange County – North submarket was 1.4% at the end of the second quarter 2021. 2390-2444 N. American Way, located in Orange, within the Orange County – North submarket for $16.7 million or $96 per land square foot. Acquired through an off-market transaction, the 4.0 acre vacant site will be redeveloped into two state-of-the-art industrial buildings totaling approximately 96,100 square feet, featuring 32' clear heights. Upon lease-up, the stabilized unlevered cash yield on total investment is projected to be 5.2%. 500 S. Dupont Avenue, located in Ontario, CA, within the Inland Empire – West submarket for $58.5 million or $212 per building square foot. Acquired through an off-market transaction, the fully leased, 276,000 square foot, single-tenant building is located on 11.1 acres in the heart of the high-demand Inland Empire-West submarket. The investment generates an initial 3.0% unlevered cash yield growing to a projected stabilized yield of 5.8% over time as the current in-place rent, estimated to be 40% below-market, is rolled to a higher market rent upon renewal or re-tenanting. According to CBRE, the vacancy rate in the 316 million square-foot Inland Empire – West submarket was 1.0% at the end of the second quarter 2021.