Rexford Industrial Realty, Inc. on Thursday announced the closing of its previously announced sale of an industrial portfolio to an affiliate of EQT Real Estate for approximately $1.2 billion. CBRE National Partners advised Rexford on the sale.
The portfolio includes 22 industrial properties totaling 5.2 million rentable square feet, averaging 237,000 square feet per property. At closing, the portfolio had a weighted average remaining lease term of 2.7 years and in-place rents 28% above current market rates. The portfolio’s estimated 2027 cash NOI yield is approximately 5.5%.
“The closing of this transaction reflects the decisive actions we have taken to advance our $2.0 billion portfolio realignment and the strong execution of our team,” said CEO Laura Clark. “As we near the completion of our portfolio realignment, Rexford is emerging as a stronger company, better positioned to capitalize on its value creation business model and drive long-term shareholder value.”
