LONDON, UK / ACCESSWIRE / April 12, 2018 / Active-Investors.com has just released a free research report on Rexford Industrial Realty, Inc. (NYSE: REXR) ("Rexford"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=REXR as the Company's latest news hit the wire. On April 10, 2018, the Company announced that it has acquired three industrial properties for approximately $33.8 million and sold one property for $4.5 million. The acquisitions were funded through a combination of cash on hand, use of Rexford's existing line of credit, and proceeds from the disposed property. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Rexford Industrial Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Acquisitions Enabled Rexford to Add an Attractive Value-Add Investment to its Portfolio
Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford, stated that the Company's extensive local research and relationship-driven originations process enabled the acquisition of these three assets through off-market transactions.
They added that with these three acquisitions, Rexford has added an attractive value-add investment to its portfolio as well as two fully-leased properties which provide immediate cash flow and opportunities for longer-term NOI growth.
Details of the Acquired Properties
- Rexford acquired 851 Lawrence Drive, located in Thousand Oaks in the Ventura submarket, for $6.6 million, or $132 per square foot. The property contains a vacant 49,976 square foot building on 4.87 acres of land. The Company intends to restructure the existing structure into two units and construct a new 32,000 square foot building on excess land.
- The second property located at North Main Street, in the Orange County-North submarket, was acquired for $7.2 million, or $180 per square foot. The property contains 39,661 square feet on 1.80 acres of land and is currently 100% leased to a single tenant, though it presents future value-add potential as the building is divisible into three units. The highly functional property features abundant dock-high loading and 24-foot clear height.
- The Company acquired 4039 Calle Platino, located in Oceanside in the San Diego-North County submarket, for $20.0 million, or $140 per square foot. The property contains 143,274 square feet on 9.54 acres of land and is currently 100% leased to four tenants at in-place rents that are meaningfully below market. The building also presents future value-add potential as the spaces may be further divided in the future. The highly functional property features 24-foot clear height and substantive dock high loading.
Disposed Property Proceeds Used to Fund Portion of the Calle Platino Acquisition
Rexford sold 200-220 South Grand Avenue, located in Santa Ana in the Orange County-Airport submarket, for approximately $4.5 million, or $165 per square foot (SF), to a private owner. The multi-tenant industrial building is 100% occupied and contains 27,200 square feet on 1.63 acres of land. Proceeds from the disposition were recycled in a tax deferred 1031 exchange to fund a portion of the Calle Platino acquisition.
Rexford's Recent Acquisition Deal
On March 19, 2018, the Company acquired a single-tenant industrial property for $17.2 million. The acquisition was funded through a combination of cash on hand and draws on Rexford's line of credit. The Company acquired 16010, Shoemaker Avenue, located in Cerritos, in the Los Angeles-Mid Counties submarket for $17.2 million, or $149 per SF. The property contains 115,600 SF on 4.41 acres of land. The highly functional property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major transportation arterials.
About Rexford Industrial Realty, Inc.
Founded in 2001 and headquartered in Los Angeles, California, Rexford Industrial is a REIT focused on owning and operating industrial properties in Southern California in-fill markets. The Company owns 156 properties with approximately 19.0 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.
Stock Performance Snapshot
April 11, 2018 - At Wednesday's closing bell, Rexford Industrial Realty's stock was slightly up 0.32%, ending the trading session at $28.40.
Volume traded for the day: 426.83 thousand shares.
Stock performance in the past twelve-month period – up 19.28%
After yesterday's close, Rexford Industrial Realty's market cap was at $2.24 billion.
Price to Earnings (P/E) ratio was at 58.80.
The stock has a dividend yield of 2.25%.
The stock is part of the Financial sector, categorized under the REIT - Industrial industry.
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