EDITOR'S NOTE: This story has been corrected to clarify the type of properties that Rexford Industrial invests in.
Rexford Industrial Realty raised $224 million in its initial public offering Friday after pricing shares at $14, the midpoint of the expected range.
The Brentwood real estate investment trust, which invests in industrial space in Southern California infill markets, sold 16 million shares, which will trade on the New York Stock Exchange under the ticker symbol REXR.
Rexford was founded by Los Angeles real estate tycoon Richard Ziman, who serves as its chairman. Its co-chief executives are Howard Schwimmer and Michael Frankel. The REIT will have interests in 61 properties with about 6.7 million rentable square feet, in addition to 20 managed properties with about 1.2 million rentable square feet.
“We believe Southern California infill markets are among the most attractive industrial real estate markets for investment in the United States,” Rexford said its filings.
BofA Merrill Lynch, Wells Fargo Securities, FBR Capital Markets and J.P. Morgan acted as managers on the IPO. Rexford gave underwriters a 30-day option to purchase up to an additional 2.4 million shares at the public offering price. The offering is expected to close on Wednesday.