LOS ANGELES--(BUSINESS WIRE)--Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE:REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced that it has acquired Chatsworth Industrial Park, a 153,212 square foot industrial park located in the West San Fernando Valley for $16.8 million, or $110 per square foot. Funding for the acquisition was provided by availability under the Company’s line of credit.
"Our acquisition of Chatsworth Industrial Park further expands our presence in one of our core infill Southern California submarkets and brings our total acquisition volume thus far in 2014 to more than $213 million,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “The buildings are 100% leased to seven tenants and give us an opportunity to professionalize management of the assets and increase rents as leases roll. The property is favorably positioned, offering a mix of quality, location and functionality that we believe makes it highly attractive in the supply-constrained Greater San Fernando Valley."
The Chatsworth Industrial Park consists of seven free-standing buildings on five separate legal parcels in the Greater San Fernando Valley submarket. The buildings range in size from 11,000 square feet to 52,000 square feet, providing flexible unit sizes which can accomodate up to ten tenants. The project offers a mix of dock-high and ground-level loading and each building offers a private secured yard. The property is in a highly desirable location, positioned between the I-405, I-5,SR-118 and SR-101 highways. As of June 30, 2014, according to CBRE, the vacancy rate for industrial properties in the 172 million square foot Greater San Fernando Valley submarket stood at 1.3%.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 87 properties with approximately 9.5 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
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