Rexford Industrial Realty has announced the acquisition of 10 more infill industrial properties in Southern California in deals encompassing $366M, pushing the total for its 2022 SoCal acquisitions binge to $2.4B—with more to come in the REIT's pipeline.
As it has with the other multi-property acquisitions in SoCal the company announced during the past twelve months, Rexford deployed a strategy of zeroing in on off-market and lightly marketed targets, many with tenants paying below-market rents, and scooping them up in cash-fueled deals.
Rexford said in a release that the transactions announced this week were funded using a combination of cash on hand and proceeds from forward equity settlement. The release also said the company has $400M of "additional accretive investments" under contract or accepted offer.
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