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Rexford Industrial Realty, a leading real estate investment trust (REIT), has made a significant stride in its expansion strategy with the recent acquisition of industrial properties valued at USD 1 billion from Blackstone Real Estate. This announcement marks a pivotal moment for Rexford as it strengthens its foothold in the competitive Southern California market.
The acquisition encompasses a portfolio of 48 industrial properties predominantly located in the highly sought-after regions of Los Angeles and Orange counties. These properties boast a prime location and boast an impressive 98% occupancy rate, further solidifying their appeal to investors and tenants alike.
In total, Rexford has acquired approximately 3 million square feet of industrial space in Southern California, averaging around $332 per square foot. This substantial investment underscores Rexford's commitment to strategically expanding its portfolio and capitalising on opportunities within high-demand markets.
The transaction was executed through separate deals involving various Blackstone entities, including Blackstone Property Partners, Blackstone Real Estate Partners, and Blackstone Real Estate Income Trust. This demonstrates Rexford's ability to navigate complex transactions and leverage partnerships to achieve its growth objectives.
To finance this landmark acquisition, Rexford utilised proceeds from exchangeable senior note offerings along with existing cash reserves. This prudent financial approach highlights Rexford's commitment to maintaining a strong balance sheet while pursuing growth opportunities.
Rexford Industrial Realty's acquisition of prime industrial properties from Blackstone Real Estate underscores its commitment to strategic growth and market expansion. With a strengthened presence in Southern California, Rexford is well-positioned to capitalise on opportunities in the dynamic real estate landscape.
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