Rexford Industrial Realty has spent $2 billion on acquisitions so far this year, already surpassing its spending total last year.
The L.A.-based industrial REIT spent $338.9 million on seven properties from July through the first week of September, according to an announcement on Thursday.
Last year, Rexford spent a total of $1.9 billion on warehouses, logistics and manufacturing properties, as well as land and office properties for eventual conversion into industrial.
Its latest acquisitions, located in the South Bay, Industry City and Commerce, were all funded using cash on hand and the company’s line of credit.
Despite rising interest rates, Rexford has continued to push forward with purchases, according to its head of acquisitions, Patrick Schlehuber, who added the third quarter is historically slower than the fourth and second quarters for such deals.
From June through mid-July, Rexford spent $660 million — the majority of which was Rexford’s $470 million purchase of a six-building industrial complex in Eastvale.
In the South Bay, Rexford purchased a 148,000-square-foot property at 920 East Pacific Coast Highway near the Port of Long Beach in Wilmington for $100 million. Public property records show the property was previously owned by ACX Pacific, a subsidiary of Abu Dhabi-based agricultural firm Al Dahra. The firm bought the property for $14 million in 2011.
Rexford also bought two properties in Rancho Dominguez — a 3.7-acre site at 2880 East Ana Street for $35 million and a 57,000-square-foot property at 17909 South Susana Road for $26 million — and another in Long Beach for $24 million.
Rexford spent $91.5 million on two industrial properties in Commerce totaling 183,000 square feet, buying them from an entity linked to Moises Cosio, an heir to a banking and real estate fortune in Mexico.
In Industry, the company bought a 114,000-square-foot portfolio of single-tenant buildings for $42.5 million.
Read more
Commercial
Los Angeles
Have 1M sf to fill? Home Depot can help
Commercial
Los Angeles
JPMorgan makes Inland Empire’s biggest Q2 industrial buy for $180M
Commercial
Los Angeles
Duke Realty shells out nearly $100M for empty land in the Inland Empire