Rexford Industrial Realty has acquired approximately 3,008,000 square feet of industrial properties in separate transactions with Blackstone Real Estate, including the Blackstone Property Partners strategy as well as Blackstone Real Estate Partners and Blackstone Real Estate Income Trust, for an aggregate purchase price of $1.0 billion.
The combined portfolio comprises 48 properties averaging 98% leased, nearly all within core, infill submarkets in Los Angeles and Orange counties. Rexford funded the acquisitions using proceeds from its recent exchangeable senior note offerings and cash on hand.
In a statement, Rexford co-CEOs Howard Schwimmer and Michael Frankel said, “With these transactions, we are pleased to further our Blackstone relationship, and look forward to identifying opportunities for future collaboration.”
David Levine, co-head of Americas acquisitions for Blackstone Real Estate, said, “These transactions represent an excellent outcome for our investors and demonstrate the strong institutional demand for high-quality assets in attractive markets like Southern California, where we own over 50 million square feet of warehouses.”
Rexford’s Patrick Schlehuber will be among the industry leading experts speaking at the 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. Schlehuber and his fellow panelists will share insights and forecasts on today’s CRE markets.
