[ad_1]
Rexford Industrial Realty has expanded its industrial stock with the acquisition of a mixed portfolio totaling 3 million sq. ft for $1 billion or $332 per sq. foot.
Blackstone Actual Property bought the 48 properties in separate transactions, which included Blackstone Property Companions in addition to Blackstone Actual Property Companions and Blackstone Actual Property Revenue Belief.
The mixed portfolio is 98 % leased, with 99 % of the property sq. footage located inside core and infill submarkets in Los Angeles and Orange counties.
READ ALSO: Prime 5 Rising Industrial Markets in 2024
Rexford Industrial funded these investments utilizing proceeds from their latest exchangeable senior notice choices and money readily available. In mixture, the investments will produce a weighted common preliminary unlevered money yield of 4.7 % and an anticipated stabilized unlevered money yield of 5.6 %.
Rexford’s funding pipeline at the moment encompasses round $300 million in investments below contract or accepted supply. Their complete investments year-to-date, accomplished or nonetheless within the pipeline, quantity to $1.4 billion, with a weighted common preliminary unlevered money yield of 5.0 % and an anticipated stabilized unlevered money yield of 5.7 %.
Rexford’s booming industrial stock
The REIT’s stock at the moment consists of 422 industrial properties totaling 49.1 million rentable sq. ft occupied. The corporate focuses on investing in, managing and redeveloping industrial properties all through infill Southern California.
In October, the agency acquired an almost 1 million-square-foot industrial property in Higher Los Angeles for $120 million. The Irwindale, Calif., facility was absolutely leased.
A couple of months earlier, Rexford bought one other Los Angeles constructing for $210 million. San Diego County Staff Retirement Affiliation bought the 595,304-square-foot asset.
[ad_2]
Source link