Deal of the Year Announcement
Rexford Industrial has just closed the year's largest deal by acquiring 48 properties from Blackstone (Link Logistics) for a staggering $1 billion, or $332 PSF. This portfolio, spanning 3,008,000 SF, is 98% leased, with 99% of the property square footage strategically located within core, infill submarkets in Los Angeles and Orange Counties.
Rexford Industrial Southern California Portfolio
The significant insight is that 60% of those properties are in Orange County and Mid Counties (Santa Fe Springs, La Mirada, Cerritos, Buena Park, La Palma, and Norwalk). Their focus on those two markets is a testament to Rexford's increased focus on buying projects in Orange County, as fundamentals are holding up here better than in any other county in the region, and they view it as a great long-term investment.
Adding to the list of achievements, Rexford Industrial's CEO, Howard Schwimmer, will be recognized for his significant contribution to the industry as a NAIOP Hall of Fame inductee this May 16th. This recognition is a testament to the visionary leadership that drives Rexford's success. Their SVP and head of portfolio leasing, Matt Ehrlich, and their EVP and head of development and construction, Carlos Serra, have also made notable contributions to Industrial Income , released last November and details the industrial real estate leasing process.
What does this mean for you? We do a ton of work with Rexford every year and can help you understand how they can serve you as a landlord (if you are a tenant) or as an acquirer of your property (if you are looking for a sale of your property). From a landlord perspective, Rexford is one of the leading landlords when it comes to improving their property, functionally, aesthetically, and environmentally, and is aggressive in locking down leases with great tenants. When it comes to acquiring property, we've found them hyper-flexible when it comes to structuring sales. We can structure short and long-term sale-leasebacks for owners/users who need to stay in their building. We can even structure property swaps where they buy your property, and we sell or lease you one of theirs.
If you lease property from Rexford Industrial or are considering selling your owned property to them, call us. We're happy to help you determine the best way to structure a win-win deal.
Best Regards,
Justin
Justin Smith, SIOR
jbsmith@lee (mailto:jbsmith@lee-associates.com) irvine.com (mailto:jbsmith@leeirvine.com?subject=Newsletter%20Follow%20Up)
949.400.4786
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