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 July 5, 2017, Rexford Industrial Realty, Inc. (the "Company") through its operating partnership, Rexford Industrial Realty, L.P., entered into an agreement (the “Agreement”) with an unaffiliated third-party seller (the “Seller”) to acquire an industrial park with six buildings comprising approximately 1.2 million rentable square feet located within our South Bay submarket (the “Industrial Park”). The purchase price of the Industrial Park is $210.5 million, exclusive of closing costs. The Company expects to fund the acquisition through a combination of available cash on hand, by drawing on the Company's unsecured revolving credit facility and, subject to market conditions, proceeds from long-term unsecured debt financing.
The Company made a deposit of $6.0 million upon entering into the Agreement. On July 10, 2017, the due diligence period expired and the Company waived all due diligence contingencies, making the deposit non-refundable, except in the case of a Seller default or failure to satisfy closing conditions. The acquisition is expected to close in July 2017, subject to the satisfaction of customary closing requirements and conditions. However, there can be no assurance that the acquisition will close within the expected timeframe 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.
