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 199,370 square foot industrial and office property located in Simi Valley, California, for $15.8 million, or $79 per square foot. The acquisition was fully funded through the Company's existing line of credit.
"Our successful off-market acquisition of the Madera property represents another example of our deep local relationships and selective approach to growing our portfolio," said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "We purchased the buildings from an owner / occupant in a long-term sale-leaseback of the industrial building established in conjunction with the acquisition. As we move into 2014, we will continue to pursue opportunities to selectively grow our Southern California industrial portfolio and to increase our operating efficiencies and cash flow."
The project consists of a 30' clear, ESFR single-tenant industrial building with 136,065 square feet and a two-story office building with 63,305 square feet, situated on 16.3 acres of land. The industrial building is 100% leased to Kingsbridge International, Inc. for ten years. The office building, which is situated on a separate parcel and is currently vacant, is being marketed for sale or lease.
The property is located at 2900-2950 Madera Road, in Simi Valley, California, immediately adjacent to the San Fernando Valley in Los Angeles.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 66 properties with approximately 7.5 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet. For additional information, visit www.rexfordindustrial.com. Forward Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Cautionary Note Regarding Forward-Looking Statements" in the Company's prospectus for its recently completed initial public offering and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.