REXFORD INDUSTRIAL LAUNCHES NEWEST INVESTMENT FUND TO FOCUS ON VALUE-ADD INDUSTRIAL REAL ESTATE
Fund to Create Value Through Modernization, Improvement and Re-Tenanting of Under-Utilized Industrial Properties
Los Angeles, CA, June 5, 2007
Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has launched Rexford Industrial Fund IV (RIF IV), the fourth in a series of successful value-add industrial real estate investment funds managed by Rexford. RIF IV will create value through the modernization, improvement and re-tenanting of under-utilized and mismanaged industrial properties to increase property cash flows and value.
“RIF IV was oversubscribed with a closing of $51 million and is positioned to deliver exceptional risk-adjusted investor returns by utilizing Rexford’s proven industrial real estate investment strategies,” said Michael Frankel, Rexford’s Chief Financial Officer and Partner, who is responsible for forming and raising Rexford’s investment funds. “Rexford would like to thank our numerous repeat individual and institutional investors for their continued vote of confidence,” added Mr. Frankel, “consistent with our prior investment funds, RIF IV delivers to investors favorable exposure to the difficult-to-access, yet highly sought after fragmented end of the value-add industrial real estate market, focused principally on Southern California and extending to the Western States.”
Rexford conducted RIF IV’s formation and fund raise in-house without the use of placement agents. The company’s conservative, yet entrepreneurial approach to investing, developed over the prior 30 years, has generated an excellent track record of consistently exceeding investor expectations. The Rexford value-driven investment strategy is positioned to perform well through all phases of the real estate cycle.
Established by Howard Schwimmer, Managing Member and Partner, together with Richard Ziman, former Founder, Chairman and CEO of Arden Realty until its sale to GE in 2006, Rexford is a thought leader in industrial real estate. Rexford’s principals have a long and distinguished track record of successful industrial property acquisition, repositioning and disposition, marked by an unmatched, entrepreneurial approach to deal origination and value creation.
“RIF IV will invest in Class A, B and C, occupied, pre-stabilized, or value-add industrial properties in prime, infill locations,” said Mr. Schwimmer. “Rexford’s expertise in the industrial market, and our approach to creating value with the highest standards of integrity, make us the ideal buyer. We are flexible in our deal structuring, able to transact rapidly and reliably, and are adept at identifying and maximizing the value of all types of industrial properties,” he added.
RIF IV is positioned to acquire over $250 million of industrial product and is off to a strong start with five properties already acquired comprising approximately 300,000 square feet: a 78,689-square-foot building in National City, CA; a 78,506-square-foot building in Riverside, CA; a 71,536-square-foot building in Carlsbad, CA; a 36,825-square-foot building in Carson, CA; and a 32,968-square-foot building in Long Beach, CA. These properties add to Rexford Industrial’s current operation of nearly five million square feet of value-add industrial property in Southern 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 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.