A real estate investment trust, Rexford Industrial Realty (NYSE:REXR) acquired an industrial property for a purchase price of $210M.
The acquisition was funded using proceeds from forward equity settlements, of which the company now has ~$448M remaining for settlement.
The company acquired 9400 Santa Fe Springs Road, Santa Fe Springs, located in the LA – Mid-Counties submarket, for $210M, or $353 per square foot.
The investment generates an initial unlevered cash yield of 5.0% projected to grow to an unlevered stabilized cash yield on total investment of 6.2% through re-leasing at market rents and contractual annual rent increases of 4.0%.
