Rexford Industrial Realty, Inc. recently acquired 9400 Santa Fe Springs Rd. in Santa Fe Springs for $210 million, or $353 per square foot. The two-building property was built in 1979 and is situated on 22.4 acres with 595,304 square feet of space that is 100% leased to two tenants. This acquisition was funded using proceeds from forward equity settlements; Rexford now has approximately $448 million remaining for settlement.
The LA – Mid-Counties submarket offers an extreme scarcity of similar size and quality available product which makes this purchase a great opportunity for Rexford Industrial to leverage their proprietary market access and value-creation strategies to drive accretive cash flow and net asset value growth within the infill Southern California industrial market – the nation’s largest and highest demand industrial market according to co-CEOs Howard Schwimmer and Michael Frankel .
The post Park
LA Mid-Counties Industrial Park Purchased by Rexford for $210M appeared first on CRE MarketBeat.
