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REXFORD INDUSTRIAL ANNOUNCES COMPLETION OF INDUSTRIAL BUSINESS PARK IN CITY OF INDUSTRY, CA

Manufacturing Facility Redeveloped & Expanded to Provide Upgraded Multi-Tenant Spaces

City of Industry, CA – January 9, 2008

Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has completed the final phase of the redevelopment of Rexford Industry Center, a 241,428-square-foot multi-tenant industrial project on 11.52 acres, located at 15241-15277 & 15317-15339 Don Julian Road in the City of Industry, CA.

Rexford converted an outmoded 147,370-square-foot manufacturing building on the site into a modern, highly functional multi-tenant distribution facility, and constructed an additional 94,000-square-foot multi-tenant distribution facility on excess land. Both buildings now offer like-new, fully amenitized, ‘class A’ spaces catering to midsize tenants. The new building is fully leased, and the repositioned older building is approximately 79% leased only one month after completing the final phase of its renovations. Active pre-leasing included a 63-month lease of a 22,600-square-foot unit to Win-Jet, a local auto-part distributor, and a 37-month lease with Castline, a toy distributor. Overall, the new leases are locking in rents well in excess of rates projected at the time of acquisition.

“This project offers an outstanding example of Rexford’s successful strategy of redevelopment and repositioning to add tremendous value to an under-utilized property,” said Howard Schwimmer, Rexford’s managing member and partner. “In this case, we are offering state-of-the-art office and distribution spaces to an underserved market: small distribution users who can take advantage of two-to-three dock spots for units that range in size from 8,000 to 22,000 square feet. The pre-leasing activity has confirmed that we are delivering space in line with the market’s current appetite,” he added.

The subject property on Don Julian Road was acquired by Rexford’s Rexford Industrial Fund I, which was the first in a series of successful value-add industrial real estate investment funds, and has acquired approximately 1.5 million feet of product. Rexford currently operates more than 5 million square feet of property, valued at more than $600 million. Rexford is currently targeting the acquisition of more than $400 million of industrial properties, principally for its third and fourth funds.

Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, manufacturing and R&D to flex industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.

About Rexford Industrial
Rexford Industrial LLC (www.rexfordindustrial.com) is a leading industrial real estate firm in Southern California. A well-capitalized private investment company, Rexford invests in all classes and every category of industrial properties. The company combines a uniquely creative, entrepreneurial approach to value creation with a conservative, risk-averse approach to investing that is designed to perform well during all phases of the real estate cycle. Rexford offers brokers unique investment incentives and capitalizes upon an exceptional network of loyal relationships in the industry. With a current portfolio of over five million square feet valued at more than $600 million, Rexford is targeting substantial growth through further acquisitions of industrial property. The firm is based in Los Angeles.

 

REXFORD INDUSTRIAL APPOINTS SHELLY DEPALMA AS ASSISTANT CONTROLLER

Los Angeles, CA – January 10, 2008

Rexford Industrial, LLC, Southern California’s leading, privately-held industrial real estate firm, has appointed Shelly DePalma, CPA, as the company’s Assistant Controller.

As Assistant Controller, Ms. DePalma will implement the accounting policies and procedures of Rexford’s finance and accounting department, overseeing Rexford’s internal financial reporting, including corporate, fund and property level accounting.


“We are pleased to welcome Ms. DePalma to our management team. Ms. DePalma contributes more than 10 years of senior finance and real estate experience and we are confident she will play a key role in facilitating Rexford’s ambitious growth plans,” said Michael Frankel, Rexford’s Chief Financial Officer and Partner.

Ms. DePalma’s prior experience includes serving as Director of Finance for CaseStack, Inc., an Internet-based, transportation, warehousing and fulfillment logistics solution provider, as well as Corporate Controller for the American Golf Corporation, a leading manager of premier golf courses. Ms. DePalma also served as a Manager in the assurance, tax, legal and financial advisory services division of Deloitte & Touche.

Ms. DePalma is a Certified Public Accountant – California and a member of AICPA. She earned her Bachelor’s degree in Accounting at Loyola Marymount University in Westchester, California. 

About Rexford Industrial
Rexford Industrial LLC (www.rexfordindustrial.com) is a leading industrial real estate firm in Southern California. A well-capitalized private investment company, Rexford invests in all classes and every category of industrial properties. The company combines a uniquely creative, entrepreneurial approach to value creation with a conservative, risk-averse approach to investing that is designed to perform well during all phases of the real estate cycle. Rexford offers brokers unique investment incentives and capitalizes upon an exceptional network of loyal relationships in the industry. With a current portfolio of over five million square feet valued at more than $600 million, Rexford is targeting substantial growth through further acquisitions of industrial property. The firm is based in Los Angeles.

 

REXFORD INDUSTRIAL ACQUIRES FIVE-BUILDING INDUSTRIAL PROPERTY IN VERNON, CA

Los Angeles, CA – January 21, 2008
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has acquired a 191,466-square-foot industrial building, located at 1946 East 46th Street in Vernon, Calif.

Kai Chon of Charles Dunn Company represented Rexford, and Bart Pucci and Drew Casani of Grubb & Ellis represented the seller, Xebec Commerce 46th Street, LLC, in the $14.5 million transaction.

The 46th Street property is centrally located in Vernon, an in-fill market where no vacant land exists for building new warehouse/distribution industrial product. The concrete tilt-up industrial building was constructed in five phases from 1961 to 1983 and has been continuously occupied by Jensen Industries, Inc., a supplier of quality postal specialty products, since originally built. Jenson is in the process of vacating the property.

Another buyer had been under contract, but when that buyer was unable to obtain financing, Rexford stepped in and completed the transaction. “This deal is particularly advantageous, because Rexford was able to pre-lease the oldest portion of the property in ‘as is’ condition,” said Rexford’s Co-Founder and Managing Partner Howard Schwimmer. The long-term lease is for 79,000 square feet with Royal Printex, a specialist in textile printing.

“We see great value in the remaining higher clear vacant space that will compete as a lower cost alternative to newer buildings in the market with much higher NNN charges. Our plans include a variety of capital upgrades, including the construction of additional office space, refurbishment of existing office space, and seismic and various cosmetic upgrades,” Mr. Schwimmer continued.

Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, manufacturing and R&D to flex industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.

About Rexford Industrial
Rexford Industrial LLC (www.rexfordindustrial.com) is a leading industrial real estate firm in Southern California. A well-capitalized private investment company, Rexford invests in all classes and every category of industrial properties. The company combines a uniquely creative, entrepreneurial approach to value creation with a conservative, risk-averse approach to investing that is designed to perform well during all phases of the real estate cycle. Rexford offers brokers unique investment incentives and capitalizes upon an exceptional network of loyal relationships in the industry. With a current portfolio of nearly five million square feet valued at more than $600 million, Rexford is targeting substantial growth through further acquisitions of industrial property. The firm is based in Los Angeles.

 

REXFORD INDUSTRIAL CONCLUDES SALE OF FOUR INDUSTRIAL PROPERTIES IN SOUTHERN CALIFORNIA

Los Angeles, CA, March 4, 2008
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has completed the disposition of four industrial properties for a total consideration of more than $5.7 million. Rexford had acquired, renovated and repositioned each of these buildings to add significant value to the properties. Each of the properties comprised part of larger Rexford projects. Their sales were planned as part of Rexford’s value creation strategies, with each sale exceeding the investor return goals established at the time of their respective acquisitions.

The four properties include:

  • RIF IV – Long Carson, a 16,449-square-foot, two-tenant industrial warehouse located at 6040 Paramount Blvd. & 2715 Seaboard Lane, Long Beach, Calif. The property was sold for $2.252 million to Scott Greenwood. Rexford acquired the property as part of a three property portfolio totaling 70,000 square feet in the South Bay market. Rexford has been renovating the Long Beach properties as leases roll and continues to position them for sale to exchange buyers. Rexford plans to hold the building in Carson, Calif., long term. Rexford was represented by Jeff Smart of Grubb & Ellis, and Eric Winter represented the buyer in the transaction.
  • RIF III – 157th Street, a 12,000-square-foot, single-tenant industrial warehouse located at 315 East 157th Street in Los Angeles, Calif. The building was sold for $1.62 million to an existing tenant, Ramsey Salem of Binder Salem. The building is part of a 4.92 acre site which consists of five buildings on oversized land parcels, comprising approximately 72,000 square feet. Rexford has renovated all of the buildings and is currently re-tenanting them to market rents as leases roll. Rexford represented itself as the seller and Reed Gottesman of CB Richard Ellis represented the buyer in the transaction.
  • RIF IV – Central, an 8,735-square-foot, single-tenant industrial warehouse, located at 6760-A Central Avenue in Riverside, Calif. The building was sold to an existing tenant, Alan Hickman of The Audio Shoppe, for $980,000. The building is located within Central Avenue Business Park, a multi-tenant industrial business park consisting of six single-story buildings that Rexford purchased in July 2007. The 78,506-square-foot concrete tilt up industrial business park was built in 1978 and offers excellent street frontage and convenient access to major freeways. Chris Hauso of NAI Capital represented Rexford Industrial and John Boyer of NAI Capital represented the buyer in the transaction.
  • RIF IV – Central, a 7,172-square-foot, single-tenant industrial warehouse, located at 6770-A Central Avenue in Riverside, Calif. The building was sold to the existing tenant, Inland Flooring, for $857,000. The warehouse is also located within Central Avenue Business Park. Chris Hauso of NAI Capital represented Rexford Industrial and Robert Sturner of NAI Capital represented Inland Flooring in the transaction.

“Rexford invested substantially in each of these properties to enhance their value,” said Rexford’s Co-Founder and Managing Partner Howard Schwimmer. “Like all of Rexford’s assets, each one occupies a highly desirable location for businesses that require warehouse and distribution space conveniently located near major transportation arteries,” he added.

Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, R&D and flex to bulk industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.

About Rexford Industrial
Rexford Industrial LLC is a leading industrial real estate firm in Southern California. As a well-capitalized investor with the ability to transact rapidly and reliably, Rexford Industrial invests in all classes and every category of industrial properties. Rexford specializes in creating value where less focused investors might not have been able to perceive or execute on such opportunities. Rexford offers brokers unique investment incentives and has built an exceptional network of loyal relationships in the industry. With a current portfolio of over five million square feet valued at more than $600 million, Rexford Industrial’s aggressive growth strategy is to purchase over $375 million of industrial properties, representing approximately three million square feet in 2008. The firm is based in Los Angeles.

 

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