Rexford Industrial Buys Industrial Complex In Ontario, California For $10.2 Mln

(RTTNews) - Rexford Industrial Realty Inc. (REXR) announced that it has acquired Dupont Business Center, a two-building industrial complex totaling 110,890 square feet on 5.7 acres for $10.2 million, or $91 per square foot.

The property is located in the Ontario / Inland Empire West submarket, which is comprised of 250.8 million square feet of industrial space. According to CBRE, the vacancy rate in the Ontario / Inland Empire West submarket continues to improve and stood at 3.2% at the end of the first quarter 2014, with the overall Inland Empire market at 4.0% at the end of the first quarter 2014.

Funding for the acquisition was provided by availability under the Company's line of credit, Rexford said.