Rexford Industrial Realty Inc. has closed out the fourth quarter with the acquisition of 10 industrial properties for an aggregate purchase price of $336 million.
The transactions were funded using a combination of cash on hand and proceeds from forward equity settlements and were part of $2.4 billion worth of acquisitions that the Brentwood-based company made last year.
“Our $2.4 billion of acquisitions completed in 2022 demonstrate Rexford Industrial’s ability to drive substantial, above-market value creation and return on investment, while highlighting our unique position as the nation’s largest pure-play U.S.-focused industrial REIT,” Howard Schwimmer and Michael Frankel, co-chief executive officers, said in a statement.
In Rancho Dominguez, Rexford acquired 3131 E. Harcourt St. and 18031 S. Susana Rd. for $27.5 million, or $208 per land square foot. The 3-acre site is located immediately adjacent to a 2.5-acre site the company had acquired in August. Once current leases expire, Rexford plans to redevelop the sites into a logistics facility containing a 34,000-square-foot building and an oversized container storage yard.
Also in the South Bay, Rexford acquired a property at 14400 S. Figueroa St in Gardena for $49 million, or $234 per land square foot. The 4.8-acre site is located adjacent to a 1.0-acre site Rexford acquired in July.
The company intends to reposition the combined site into a logistics facility containing a 57,000-square-foot cross dock building and oversized container storage yard.
Rexford also purchased a five-property portfolio in the South Bay and Inland Empire submarkets for $198.1 million, or $382 per square foot; a property at 755 Trademark Circle in Corona for $10.5 million, or $305 per square foot; a property at 4500 Azusa Canyon in Irwindale for $40 million, or $116 per land square foot; and a property at 7817 Haskell Ave. in Van Nuys for $11.1 million, or $128 per land square foot. The 2-acre industrial outdoor storage site is 100% leased to a single tenant.
