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 a 112,062 square foot industrial complex in Poway, California, for $16.9 million, or approximately $151 per square foot. The acquisition was funded with borrowings under the company’s credit facility.
“Danielson Court is a well-located best-in-class industrial park that serves tenants with a variety of uses, ranging from traditional distribution to high-tech manufacturing,” said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “The 100% occupied property provides strong initial cash flows, and several in-place below market leases provide an opportunity for near term income growth. We acquired this property from a private seller in a lightly marketed transaction, further validating our proprietary sourcing capabilities, deep relationships, and strong balance sheet which support our ability to continue to grow our portfolio in an accretive manner.”
Danielson Court is a six-building industrial complex containing 112,062 square feet on 9.23 acres of land, located at 12720-12860 Danielson Court, in Poway, California. Built in 1999, this high-quality property features 15 tenants occupying highly-functional warehouse and light manufacturing industrial space. The property is located in the Central San Diego submarket. According to CBRE, the vacancy rate in the 80 million square foot Central San Diego submarket stood at 5.4%, with Poway at 2.9%, at the end of the second quarter of 2015.
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 109 properties with approximately 10.8 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.
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