Rexford Industrial has completed five new acquisitions in Southern California totaling $170 million. The acquisitions bring the REITs industrial portfolio to 37.2 million square feet. The properties were purchases with cash on hand and proceeds from a 1031 exchange.

In this latest round of purchases, Rexford acquired 444 Quay Avenue, 29,760-square-foot port-adjacent building is situated on 1.6 acres of land adjoining an existing Rexford Industrial site, for $10.8 million. Rexford plans to redevelop the site along with the adjacent site into a single-tenant property. The investment is expected to generate 6.2% unlevered stabilized yield on total cost.

Up next, the firm purchased 19475 Gramercy Place, 47,712-square-foot building on 1.9 acres of land and re-lease the site at market rent, for $11.3 million with the expectation of a 5.2% stabilized unlevered cash yield, and 24903 Avenue Kearny, a 214,436-square-foot, fully leased building on 10.1 acres with a long-term lease priced 10% below market rates, for $58.5 million.