Industrial Insights - April 2024
Deal of the Year Announcement
Rexford Industrial finalized the region's largest transaction by purchasing 48 properties from Blackstone's Link Logistics portfolio for $1 billion, representing $332 per square foot. The combined asset spans 3,008,000 square feet with a 98% occupancy rate. The properties are concentrated in core, infill submarkets throughout Los Angeles and Orange Counties.
A notable aspect of this acquisition involves geographic distribution: "60% of those properties are in Orange County and Mid Counties" including Santa Fe Springs, La Mirada, Cerritos, Buena Park, La Palma, and Norwalk. This concentration reflects Rexford's strategic emphasis on Orange County, where market fundamentals remain stronger than surrounding regions.
The company continues earning industry recognition. CEO Howard Schwimmer will be inducted into the NAIOP Hall of Fame in May, acknowledging his leadership contributions. The organization's senior leadership—SVP Matt Ehrlich and EVP Carlos Serra—contributed to Industrial Income, a resource examining leasing processes within the sector.
Partnership Opportunities
For tenants leasing Rexford properties or owners considering sales, the company offers flexible structuring options. Possibilities include traditional transactions, sale-leaseback arrangements, and property exchanges. Rexford distinguishes itself through property improvements spanning functional, aesthetic, and environmental dimensions, plus aggressive tenant retention strategies.
Contact information for further discussion is provided for interested parties evaluating these opportunities.