Luis Alvarez
- Rexford Industrial Realty (NYSE:REXR) acquired ~3M square feet of industrial properties in separate transactions with Blackstone (NYSE:BX) Real Estate for a total purchase price of $1.0B, the company said on Thursday.
- The combined portfolio includes 48 properties, totaling 3.008M square feet, acquired at at an average price of $332 per square foot. The portfolio is 98% leased, with 99% of the square footage located in Rexford Industrial's (REXR) core, infill submarkets in Los Angeles and Orange counties in California.
- In aggregate, the investments are expected to generate a weighted average initial unlevered cash yield of 4.7% and an anticipated stabilized unlevered cash yield of 5.6%. These investments were funded using proceeds from Rexford Industrial's (REXR) recent exchangeable senior note offerings and cash on hand.
- Blackstone (BX) is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality, and retail, the company said.
- Rexford Industrial (REXR) stock gained 1.5% in Thursday after-hours trading.