Rexford Industrial Realty, Inc. (NYSE:REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, announced recently that it has acquired a 199,370 square foot industrial and office property located in Simi Valley, CA, for $15.8 million, or $79 per square foot. The property is located at 2900-2950 Madera Road, on the west side of Simi Valley. The acquisition was fully funded through the Rexford’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.
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.rexordindustrial.com.
