Rexford Industrial Buys Nine BuildingsOriginally published June 30, 2014 at 2:36 p.m., updated July 2, 2014 at 3:22 p.m.
Rexford Industrial Realty has acquired a nine-building portfolio of Southern California properties, the company announced Monday.
The buildings are in Los Angeles, Orange and San Diego counties. Together, they encompass more than 817,000 square feet and are 87 percent occupied. Rexford, headquartered in West L.A., paid $88.5 million for the buildings.
The Los Angeles County properties are in Industry and Pomona. The 126,000-square-foot Industry property is fully leased to four tenants. The Pomona building encompasses nearly 109,000 square feet and is fully leased to a single tenant.
The portfolio also includes one building each in Anaheim and Irvine and five buildings in San Diego.
The transaction was financed in part by a $48.5 million loan from JPMorgan Chase & Co. The remainder of the purchase price was financed by an existing line of credit.
Shares of Rexford Industrial Realty rose by a fraction of a percentage point Monday to close at $14.24 on the New York Stock Exchange.