Rexford Industrial Buys Nine-Building Industrial Portfolio For $88.5 Mln

(RTTNews) - Rexford Industrial Realty Inc. (REXR) announced that it has acquired a nine-property industrial portfolio, containing an aggregate of 817,166 square feet for $88.5 million, or approximately $108 per square foot.

Eight of the nine properties are 96% leased, in aggregate. The remaining property is 40% leased, with an immediate value-add opportunity to reposition the property in order to deliver a high-demand product capable of achieving higher rents.

Collectively, the nine properties contain 24 units leased to 17 tenants with staggered lease expirations, mitigating vacancy risk, the company said.