REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On November 30, 2017, Rexford Industrial Realty, Inc. (the "Company"), through one of its wholly-owned subsidiaries, entered into a purchase and sale agreement (the "Agreement") with 6110-6114 Cahuenga Avenue, LLC (the "Buyer") for the sale of the Company's property located at 200-220 South Grand Avenue for a contract price of approximately $4.4 million. Larry Schwimmer is the general partner of 6110-6114 Cahuenga Avenue, LLC, and father of Howard Schwimmer, the Company's Co-Chief Executive Officer. Prior to entering into the Agreement, the relevant facts and circumstances relating to this transaction were presented to the Company’s audit committee, in accordance with the Company’s corporate governance guidelines, and to the Company’s board of directors. This transaction was unanimously approved by the Company's audit committee in accordance with the Company's corporate governance guidelines.
The Buyer made an escrow deposit of $150,000 upon entering into the Agreement, which may be refunded to the Buyer if it elects to terminate the Agreement prior to the expiration of the due diligence period for any reason. The transaction is expected to close during the first quarter of 2018, subject to the satisfaction of customary closing requirements and conditions. However, there can be no assurance that the transaction will close within the expected time frame or at all.
About REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR)
Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. The Company’s consolidated portfolio consisted of approximately 119 properties with over 12.0 million rentable square feet. The Company also owns interest in a joint venture (the JV) that indirectly owns one property with approximately 0.5 million square feet, which it also manages. The Company manages an additional 19 properties with approximately 1.2 million rentable square feet. The Company’s properties are concentrated in various industries, such as wholesale and retail, light manufacturing, industrial equipment and components, warehousing and storage, food and beverage, business services, construction, automotive, paper and printing, pharmaceuticals and healthcare.