Rexford Industrial Realty, Inc. completed the acquisition of Industrial Assets in infill submarkets in Los Angeles and Orange counties from Blackstone Real Estate Partners, managed by Blackstone Real Estate Advisors L.P.
March 27, 2024
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Rexford Industrial Realty, Inc. (NYSE:REXR) acquired Industrial Assets in infill submarkets in Los Angeles and Orange counties from Blackstone Real Estate Partners, managed by Blackstone Real Estate Advisors L.P. on March 28, 2024. In related transactions, Rexford Industrial Realty, Inc. (NYSE:REXR) acquired Industrial Properties in Los Angeles and Orange counties from Blackstone Property Partners, managed by Blackstone Real Estate Advisors L.P. and Blackstone Real Estate Income Trust on March 28, 2024. The aggregate purchase price is of $1.0 billion. The combined portfolio comprises 48 properties, totaling 3,008,000 square feet, acquired for $1.0 billion or $332 per square foot on average. The combined portfolio is 98% leased, with 99% of the property square footage located within core, infill submarkets in Los Angeles and Orange counties. In aggregate, the investments are expected to generate a weighted average initial unlevered cash yield of 4.7% and an anticipated stabilized unlevered cash yield of 5.6%. These investments were funded using proceeds from Rexford Industrial's recent exchangeable senior note offerings and cash on hand.
Rexford Industrial Realty, Inc. (NYSE:REXR) completed the acquisition of Industrial Assets in infill submarkets in Los Angeles and Orange counties from Blackstone Real Estate Partners, managed by Blackstone Real Estate Advisors L.P. on March 28, 2024.
Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. It acquires, owns, improves, redevelops, leases, and manages industrial real estate principally located in Southern California infill markets, through Rexford Industrial Realty, L.P. (Operating Partnership) and its subsidiaries. It also acquires or provides mortgage debt secured by industrial property. It provides property management services and leasing services to related parties and third-party property owners. Its property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. The Company's portfolio consists of over 422 properties with approximately 49.1 million rentable square feet.
Rexford Industrial Realty, Inc. completed the acquisition of Industrial Assets in infill submarkets in Los Angeles and Orange counties from Blackstone Real Estate Partners, managed by Blackstone Real Estate Advisors L.P.
REXFORD INDUSTRIAL REALTY, INC. 
